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<br />Aqreement. <br /> <br />"Agreement" means the Agreement Concerning Creation and <br />Operation of Lowman Ranch Municipal utility District dated as <br />of February 9, 1987, entered into by and among the City of <br />San Marcos, Jeffry B. Lewis, Trustee, and Lowman Ranch Ltd. <br /> <br />Board of Directors. <br /> <br />"Board of Directors" means the governing body of the <br />District. <br /> <br />Bonds. <br /> <br />"Bonds" means any Bond or Bonds, as the case may be, <br />including bond anticipation notes, of the District. <br /> <br />city. <br /> <br />"City" or IICity Council" means the City of San Marcos <br />and, when appropriate, its governing body. <br /> <br />Commission. <br /> <br />"Commission" means the Texas Water Commission. <br /> <br />Developer. <br /> <br />"Developer" means LRL, <br />successors and assigns. <br /> <br />as hereinafter defined, <br /> <br />or its <br /> <br />District. <br /> <br />"District" means Lowman Ranch Municipal utility District <br />and any other public agency succeeding to the powers, rights, <br />privileges, and functions of the District and, when <br />appropriate, the Board of Directors of the District. <br /> <br />LRL. <br /> <br />Ltd. <br /> <br />"LRL" means Jeffry B. Lewis, Trustee, and Lowman Ranch <br /> <br />-2- <br />