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"Certificates" means the City's certificates of obligation entitled "City of San Marcos, Texas, <br />Combination Tax and Revenue Certificates of Obligation, Series 2021B" authorized to be issued by <br />Section 3.01 of this Ordinance. <br /> "Closing Date" means the date of the initial delivery of and payment for the Certificates, <br />which is anticipated to be on or about August 25, 2021. <br /> "Code" means the Internal Revenue Code of 1986, as amended, including applicable <br />regulations, published rulings and court decisions relating thereto. <br /> "Construction Fund" means the construction fund established by Section 8.01(a) of this <br />Ordinance. <br /> "Dated Date" means the date designated as the date of the Certificates in Section 3.02(a) of <br />this Ordinance. <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 City <br />Council adopts or approves proceedings authorizing the issuance of refunding bonds or otherwise <br />provide for the funding of an escrow to effect the defeasance of the Certificates are rated as to <br />investment quality by a nationally recognized investment rating firm not less than "AAA" or its <br />equivalent, (iii) noncallable obligations of a state or an agency or a county, municipality, or other <br />political subdivision of a state that have been refunded and that, on the date the City adopts or <br />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 <br />by 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 Certificates. <br /> "Designated Payment/Transfer Office" means (i) with respect to the initial Paying <br />Agent/Registrar named herein, its corporate trust office in Houston, Texas, and (ii) with respect to <br />any successor Paying Agent/Registrar, the office of such successor designated and located as may <br />be agreed upon by the City and such successor. <br /> "DTC" means The Depository Trust Company of New York, New York, or any successor <br />securities depository. <br /> "DTC Participant" means any broker, dealer, bank, trust company, clearing corporation or <br />certain other organizations with Certificates credited to an account maintained on its behalf by DTC. <br /> "Event of Default" means any Event of Default as defined in Section 10.01 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 of <br />America (including Interest Strips of the Resolution Funding Corporation). <br />7 <br />San Marcos CTRCO 2021B: Ordinance <br /> <br />