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<br /> (c) ."Ce~tificates" shall mean the $300,000 City of San Marcos,
<br /> Texas, CombInatIon Tax and Revenue Certificates of Obligation, Series
<br /> 1984, dated January 1,1984, authorized by this Ordinance.
<br /> (d) The term "net revenues" shall mean the gross revenues
<br /> derived by the City from ownership of the System, less the City's
<br /> expenses of operation and maintenance, as defined by Article 1113,
<br /> V.T.C.S.
<br /> (e) The term "System" shall mean the City's combined
<br /> waterworks and sewer system.
<br /> (f) The term "Outstanding Bonds" shall mean all Bonds or
<br /> Certificates of Obligation at any time outstanding of the following
<br /> issues of said Ci ty: (1) Junior Lien Waterworks and Sewer System
<br /> Revenue Bonds, Series 1968, dated July 1,1968; and (2) Waterworks and
<br /> Sewer System Revenue Certificates of Obligation, Series 1984, dated
<br /> January 1, 1984.
<br /> (g) The term "Outstanding Certificates" shall mean the
<br /> outstanding certificates of (1) the City's Combination Tax and Revenue
<br /> Certificates of Obligation, Series 1982, dated May 1, 1982, (2) the
<br /> City's Combination Tax and Revenue Certificates of Obligation, Series
<br /> 1982-A, dated July 1, 1982; and (3) the City's Combination Tax and
<br /> Revenue Certificates of Obligation, Series 1982-B, dated December 1,
<br /> 1982; and the certificates of obligation authorized hereby are
<br /> "additional certificates of obligation on a parity, insofar as net
<br /> revenues are concerned" with the Outstanding Certificates, as
<br /> permitted by the ordinances authorizing the Outstanding Certificates.
<br /> Sections 8, 9 and 14 of the ordinance authorizing the City's
<br /> Combination Tax and Revenue Certificates of Obligation, Series 1982,
<br /> are hereby adopted by reference and shall be applicable to the
<br /> certificates authorized hereby for all purposes, except to the extent
<br /> specifically modified and supplemented hereby.
<br /> Section 12. ADDITIONAL DEFINITIONS. In addition to the terms
<br /> defined in Section 11 of this Ordinance, the terms hereinafter set
<br /> forth shall have the following respective meanings, unless the context
<br /> requires otherwise:
<br /> (a) The term "Certificate" additionally means any obligation
<br /> of the City authorized to be issued by this Ordinance, whether
<br /> initially delivered or issued in exchange for, upon transfer of or in
<br /> lieu of, any Certificate previously issued;
<br /> (b) The term "Ordinance" means this Ordinance;
<br /> (c) The term "Government Securities" means direct obligations
<br /> of, or obligations the principal of and interest on which are
<br /> unconditionally guaranteed by, the united States of America, which are
<br /> non-callable prior to the respective Maturities of the Certificates
<br /> and may be united States Treasury Obligations such as the State and
<br /> Local Government Series and may be in book-entry form.
<br /> (d) The term "Holder", with respect to any Certificate, means
<br /> the person or entity in whose name such Certificate is registered in
<br /> the Registration Books;
<br /> (e) The term "Initial Certificate" means the Certificate
<br /> authorized to be issued pursuant to this Ordinance, which has the
<br /> Registration Certificate executed by or on behalf of the Comptroller
<br /> of Public Accounts of Texas endorsed thereon;
<br /> (f) The term "Initial Date" means the date of the Initial
<br /> Certificate when issued and delivered, as provided in Section 2 of
<br /> this Ordinance;
<br /> (g) The term "Outstanding", when used in this Ordinance with
<br /> respect to Certificates, means, as of the date of determination, all
<br /> Certificates theretofore delivered and issued pursuant to this
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