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MASTER ORDINANCE ESTABLISHING THE <br />CITY OF SAN MARCOS, TEXAS <br />PASS-THROUGH TOLL REVENUE FINANCING PROGRAM <br />TABLE OF CONTENTS <br />SECTION PAGE <br /> <br />PREAMBLE ................................................................................................................... ......... 1 <br />Section 1. ESTABLISHMENT OF FINANCING PROGRAM AND ISSUANCE OF <br /> PARITY DEBT ......................................................................................... ......... 1 <br />Section 2. SECURITY AND PLEDGE ...................................................................... ......... 2 <br />Section 3. ACCOUNTS ............................................................................................. ......... 3 <br />Section 4. FLOW OF FUNDS ................................................................................... ......... 4 <br />Section 5. TAX PLEDGE IN SUPPLEMENT ........................................................... ......... 5 <br />Section 6. GENERAL REPRESENTATIONS AND COVENANTS ......................... ......... 5 <br />Section 7. ISSUANCE OF PARITY DEBT ............................................................... ......... 7 <br />Section 8. WAIVER OF CERTAIN COVENANTS ................................................... ......... 7 <br />Section 9. INDIVIDUALS NOT LIABLE ................................................................. ......... 8 <br />Section 10. SPECIAL OBLIGATIONS; ABSOLUTE OBLIGATION TO PAY <br /> PARITY DEBT ......................................................................................... ......... 8 <br />Section 11. REMEDIES .............................................................................................. ......... 8 <br />Section 12. DEFEASANCE OF PARITY DEBT ......................................................... ......... 9 <br />Section 13. AMENDMENT OF MASTER ORDINANCE ........................................... ......... 9 <br />Section 14. REPEAL OF CONFLICTING ORDINANCES AND RESOLUTIONS .... ....... 11 <br />Section 15. PARTIAL INVALIDITY .......................................................................... ....... 11 <br />Section 16. FURTHER PROCEDURES ...................................................................... ....... 11 <br />Section 17. RULES OF INTERPRETATION .............................................................. ....... 12 <br />EXHIBIT A -Definitions <br />SAN MARCOS\PassTtuuToll2008:Master Ordinance <br />