Ord 1986-125 - Laserfiche WebLink

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deemed to evidence the same obligation as the muti1ated, lost, destroyed or stolen Bond; (r) The term "Registration Books" means the books established and maintained for the registration payment and transfer of Bonds provided in Section 5 of this Ordinance. (s) The term "System" means and includes the City's electric light and power system to be purchased, improved, extended and equipped with proceeds of the Bonds, together with all future extensions, improvements, enlargements, and additions thereto, and all replacements thereof; provided that, notwithstanding the foregoing, and to the extent now or hereafter authorized or permitted by law, the term System shall not include any electric, light and power facilities which are declared not to be a part of the System and which are acquired or constructed by the City with the proceeds from the issuance of "Special Facilities Bonds", which are hereby defined as being special revenue obligations of the City which are not secured by or payable from the Pledged Revenues as defined herein, but which are secured by and payable solely from special contract revenues or payments received from any other legal entity in connection with such facilities; and such revenues or payments shall not be considered as or constitute gross revenues of the System, unless and to the extent otherwise provided in the ordinance or ordinances authorizing the issuance of such Special Facilities Bonds. (t) "Term Bonds" means those Bonds scheduled to mature in the years 2006 and 2016, and Additional Bonds, so designated in the ordinance authorizing such bonds which shall be subject to retirement by operation of the Mandatory Redemption Account. (u) The term "year" shall mean the regular fiscal year used by the City in connection with the operation of the System, which may be any twelve consecutive months' period established by the City. Section 12. PLEDGE. The Bonds and any Additional Bonds, and the interest thereon, are and shall be secured by and payable from an irrevocable first lien on and pledge of the Pledged Revenues; and the Pledged Revenues are further pledged irrevocably to the establishment and maintenance of the Interest and Sinking Fund and the Reserve Fund as hereinafter provided. The Bonds and any Additional Bonds are and will be secured by and payable only from the Pledged Revenues, and are not secured by or payable from a mortgage or deed of trust on any real, personal or mixed properties constituting the System. Section 13. REVENUE FUND. There shan be created, established and maintained on the books of the City, and accounted for separate and apart from all other funds of the City, a special fund entitled the "City of San Marcos, Texas, Electric Uti1ity System Revenue Fund" (hereinafter called the "Revenue Fund"). All Gross Revenues shall be credited to the Revenue Fund immediately upon receipt. All current expenses of operation and maintenance of the System shall be paid from such Gross Revenues as a first charge against same. 1037f -17-