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and disposition of any such deposit, upon such terms and conditions as the City and such paying agent <br />may agree, provided that such deposits may be invested and reinvested in Defeasance Securities, as <br />defined herein; and <br />WHEREAS, the Escrow Agreement hereinafter authorized, constitutes an agreement of the <br />kind authorized and permitted by said Chapter 1207; and <br />WHEREAS, all the Refunded Obligations mature or are subject to redemption prior to <br />maturity within 20 years of the date of the bonds hereinafter authorized; and <br />WHEREAS, the City deems it appropriate to call for redemption the Refunded Obligations. <br />WHEREAS, it is officially found, determined and declared that the meeting at which this <br />Ordinance has been adopted was open to the public and public notice of the date, hour, place and <br />subject of said meeting, including this Ordinance, was given, all as required by the applicable <br />provisions of Tex. Gov't Code Ann. ch. 551; Now, Therefore <br />BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS: <br />ARTICLE I <br />DEFINITIONS AND OTHER PRELIMINARY MATTERS <br />Section 1.01. Definitions. <br />Unless otherwise expressly provided or unless the context clearly requires otherwise, in this <br />Ordinance the following terms shall have the meanings specified below: <br />"Bond" means any of the Bonds. <br />"Bonds" means the City's bonds entitled "City of San Marcos, Texas, General Obligation <br />Refunding Bonds, Series 2009" authorized to be issued by Section 3.01. <br />"Closing Date" means the date of the initial delivery of and payment for the Bonds. <br />"Code" means the Internal Revenue Code of 1986, as amended, including applicable <br />regulations, published rulings and court decisions relating thereto. <br />"Defeasance Securities" means (i) Federal Securities, (ii) noncallable obligations of an agency <br />or instrumentality of the United States of America, including obligations that are unconditionally <br />guaranteed or insured by the agency or instrumentality and that, on the date the City Council adopts <br />or approves proceedings authorizing the issuance of refunding bonds or otherwise provide for the <br />funding of an escrow to effect the defeasance of the Certificates are rated as to investment quality by <br />a nationally recognized investment rating firm not less than "AAA" or its equivalent, and (iii) <br />San Marcos GORB 2009 Ordinance