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"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 <br />agency or instrumentality of the United States of America, including obligations that are <br />unconditionally guaranteed or insured by the agency or instrumentality and that, on the date the <br />City Council adopts or approves proceedings authorizing the issuance of refunding bonds or <br />otherwise provide for the funding of an escrow to effect the defeasance of the Bonds are rated as <br />to investment quality by a nationally recognized investment rating firm not less than "AAA" or <br />its equivalent, (iii) noncallable obligations of a state or an agency or a county, municipality, or <br />other political subdivision of a state that have been refunded and that, on the date the City 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 Bonds, are rated as to investment quality by <br />a nationally recognized investment rating firm no less than "AAA" or its equivalent and (iv) any <br />other then authorized securities or obligations under applicable Texas law that may be used to <br />defease obligations such as the Bonds. <br />"Designated Payment/Transfer Office" means (i) with respect to the initial Paying <br />Agent/Registrar named herein, its office in Houston, Texas, and (ii) with respect to any successor <br />Paying Agent/Registrar, the office of such successor designated and located as may be agreed <br />upon by the City and such successor. <br />"Escrow Agent" means Regions Bank. <br />"Escrow Agreement" means the agreement authorized by Article V of this Ordinance. <br />"Escrow Fund" means the fund referred to in Article VIII of this Ordinance and <br />established by the Escrow Agreement to hold cash and securities for the payment of principal of <br />and interest on the Refunded Bonds. <br />"Event of Default" means any Event of Default as defined in Section 11.01 of this <br />Ordinance. <br />"Federal Securities" as used herein means direct, noncallable obligations of the United <br />States of America, including obligations that are unconditionally guaranteed by the United States <br />of America (including Interest Strips of the Resolution Funding Corporation). <br />"Fiscal Year" means twelve months' period beginning October 1 of each year and ending <br />September 30 of the succeeding year. <br />"Initial Bond" means the Bond described in Section 3.04(d) and 6.02(d). <br />2 <br />SANMARCOS/W W W SRev20l7B: Ordinance <br />