Res 1988-009 - Laserfiche WebLink

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PROVISIONS OF BOND ORDINANCE The City of San Marcos will adopt a Bond Ordinance (the "Ordinance") authorizing the Bonds, pertinent provisions of which are shown below: Section 1.01. Definitions. Unless otherwise expressly provided or unless the context clearly requires otherwise, in this Ordinance the following terms shall have the meanings speciiied below: "Additional Bonds" shall mean the additional parity revenue bonds and obligations permitted to be issued under the provisions of this Ordinance and the Ordinances authorizing the Outstanding Bonds. "Bonds" means any of the Bonds. "Bonds" means the City's bonds entitled "City of San Marcos, Texas, Waterworks and Sewer System Revenue Bonds, Series 1988" in the aggregate principal amount of $1,320,000 authorized to be issued by Section 3.0 I of this Ordinance. "Closing Date" means the date of the initial delivery of and payment for the Bonds. "Code" means the Internal Revenue Code of 1986, as amended, including the regulations and published rulings thereunder. "City Council" means the governing body of the City. "Event of Default" means any Event of Default as defined in Section 10.01 of this Ordinance. "Holder" or "Owner" means the person who is the registered owner of a Bond or Bonds, as shown in the Register. "Initial Bond" means the certificate described in Section 3.04(d) and 6.02(d). "Interest Payment Date" means the da!e or dates upon which interest on the Bonds is scheduled to be paid until the maturity of the Bonds, such dates being January 1 and July 1 of each year commencing January 1, 1989. "Net revenues" shaH mean the gross revenues derived from the operation of the System remaining after payment of expenses of operation and maintenance of the System as hereinafter provided. "Ordinance" means this Ordinance. "Original Issue Date" means the initial date from which interest on the Bonds accrues and which is designated in Section 3.02(a) of this Ordinance. "Outstanding Bonds" shaH mean the City of San Marcos, Texas, Junior Lien Waterworks and Sewer Improvement and Revenue Bonds, Series 1968, dated July 1, 1968, and the City of San Marcos, Texas~ Wastewater and Sewer System Certificates of Obligation, Series 1984, dated January 1, 1984, and the City of San Marcos, Texas, Waterworks and Sewer System Revenue Bonds, Series 1987, dated August 10, 1987. "Paying Agent/Registrar" means MBank Austin, N.A., Austin, Texas, any successor thereto or an entity which is appointed as and assumes the duties of paying agent/registrar as provided in this Ordinance. "Purchaser" means the person, firm or entity initiaHy purchasing the Bonds~ from the City and which is designated in Section 12.01 of this Ordinance. "Record Date" means the person, firm or entity initially purchasing the Bonds from the City and which is designated in Section 12.01 of this Ordinance. "Register" means the Register specified in Section J.06(a) of this Ordinance. "Special Record Date" means the Special Record Date prescribed by Section 3.0J(b) of this Ordinance. "System" means the City's combined Waterworks and Sewer System, including all present and future extensions, enlargements, additions, replacements and improvements thereto. Section 1.02. Other Definitions. The term "City" shall have the meaning assigned in the preamble to this Ordinance. - 12 -