reserve fund


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reserve fund

n. a fund of money created to take care of maintenance, repairs or unexpected expenses of a business or a multi-unit housing development (often condominiums or a housing cooperative) operated by a homeowners association or other governing body. Most states require that homeowners associations maintain such a fund.

References in periodicals archive ?
A critic of Valley cityhood said that without a reserve fund, the city would have to cut services and/or raise taxes and fees, and therefore would not be financially viable under its current budget.
Series B credit enhancement is provided by the reserve fund and the LOC.
The Series 2006 debt service reserve fund is available to pay interest and principal when due and payable to the extent that there are insufficient funds in the revenue fund.
Balances in the general reserve fund at the end of the year will be rebated back to the participants.
The reserve fund requirement for the 2006 series bonds is 1.
Fitch also affirms the 'AA' rating on approximately $1 billion of the authority's outstanding reserve fund resolution bonds.
The series 2006A bond issuance proceeds will be used to fund the capital reserve fund, deposit $84.
Series 2006C bond proceeds will be used to refund outstanding reserve fund resolution bonds related to Maine Medical Center (a subsidiary of Maine Health System).
The company is currently before the Florida Public Service Commission (FPSC) seeking an order to recover 2005 storm damage costs and pre-fund its storm damage reserve fund.
As of May 1, 2006, the general tax-exempt fund group's debt service reserve fund equaled $119.
3 million in reserve funds to help close its funding gap.

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