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a county, municipality, or other political subdivision of a state that have been refunded and that, on the date the City Council adopts or approves proceedings authorizing the issuance of refunding bonds or otherwise provide for the funding of an escrow to effect the defeasance of the Bonds, are rated as to investment quality by a nationally recognized investment rating firm no less than "AAA" or its equivalent. "Designated Payment/Transfer Office" means (i) with respect to the initial Paying Agent/Registrar named herein, its corporate trust office in Dallas, Texas, and (ii) with respect to any successor Paying AgentIRegistrar, the office of such successor designated and located as may be agreed upon by the City and such successor. "Event of Default" means any Event of Default as defined in Section 11.01 of this Ordinance. "Federal Securities" as used herein means direct, noncallable obligations of the United States of America, including obligations that are unconditionally guaranteed by the United States of America (including Interest Strips of the Resolution Funding Corporation). "Fiscal Year" means twelve months' period beginning October 1 of each year and ending September 30 of the succeeding year. "Initial Bond" means the Bond described in Section 3.04(d) and 6.02(d). "Interest and Sinking Fund" means the interest and sinking fund provided by Section 8.01 (b) of this Ordinance. "Interest Payment Date" means the date or dates upon which interest on the Bonds is scheduled to be paid until the maturity of the Bonds, such dates being February 15 and August 15 of each year commencing August 15, 2006. "Net Revenues" means the gross revenues of the System less the expense of operation and maintenance, including all salaries, labor, materials, repairs and extensions necessary to render efficient service, provided, however, that only such repairs and extensions as in the judgment of the City Council, reasonably and fairly exercised, are necessary to keep the System in operation and render adequate service to the City and the inhabitants thereof, or such as might be necessary to meet some physical accident or condition which would otherwise impair the security of any special obligations payable from and secured by a lien on the net revenues of the System shall be deducted in determining "Net Revenues". "Ordinance" means this Ordinance. "Original Issue Date" means the date of the Bonds designated in Section 3.02(a) of this Ordinance. "Owner" means the person who is the registered owner of a Bond or Bonds, as shown in the Register. "Parity Revenue Obligations" means the Previously Issued Parity Obligations, Bonds and Additional Parity Obligations. "Paying AgentlRegistrar" means JPMorgan Chase Bank, National Association, any successor thereto or an entity which is appointed as and assumes the duties of paying agent/registrar as provided in this Ordinance. "Previously Issued Parity Obligations" means the outstanding bonds of the following issues: San Marcos WS 2005A: Ordinance 11.16-2005 2