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"Event of Default" means any Event of Default as defined in Section 11.01 of this Ordinance. <br /> <br /> "Fiscal Year" means twelve months' period beginning October 1 of each year and ending September <br />30 of the succeeding year. <br /> <br />"Initial Bond" means the Bond described in Section 3.04(d) and 6.02(d). <br /> <br /> "Interest and Sinking Fund" means the interest and sinking fund provided by Section 8.01(b) of this <br />Ordinance. <br /> <br /> "Interest Payment Date" means the date or dates upon which interest on the Bonds is scheduled to <br />be paid until the maturity of the Bonds, such dates being February 15 and August 15 of each year <br />commencing August 15, 2004. <br /> <br /> "Net Revenues" means the gross revenues of the System less the expense of operation and <br />maintenance, including all salaries, labor, materials, repairs and extensions necessary to render efficient <br />service, provided, however, that only such repairs and extensions as in the judgment of the City Council, <br />reasonably and fairly exercised, are necessary to keep the System in operation and render adequate service <br />to the City and the inhabitants thereof, or such as might be necessary to meet some physical accident or <br />condition which would otherwise impair the security of any special obligations payable from and secured <br />by a lien on the net revenues of the System shall be deducted in determining "Net Revenues". <br /> <br />"Ordinance" means this Ordinance. <br /> <br />"Original Issue Date" means the date of the Bonds designated inn Section 3.02(a) of this Ordinance. <br /> <br />"Owner" means the person who is the registered owner of a Bond or Bonds, as shown in the Register. <br /> <br /> "Parity Revenue Obligations" means the Previously Issued Parity Obligations, Bonds and Additional <br />Parity Obligations. <br /> <br /> "Paying Agent/Registrar" means JPMorgan Chase Bank, any successor thereto or an entity which <br />is appointed as and assumes the duties of paying agent/registrar as provided in this Ordinance. <br /> <br />"Previously Issued Parity Obligations" means the outstanding bonds of the following issues: <br /> <br />City of San Marcos, Texas, Waterworks and Sewer System Revenue <br />Refunding and Improvement Bonds, Series 1995; <br /> <br />City of San Marcos, Texas, Waterworks and Sewer System Revenue <br />Bonds, Series 1996-A; <br /> <br />City of San Marcos, Texas, Waterworks and Sewer System Revenue <br />Bonds, Series 1996-B; <br /> <br />City of San Marcos, Texas, Waterworks and Sewer System Revenue <br />Bonds, Series 1996-C; <br /> <br />City of San Marcos, Texas, Waterworks and Sewer System Revenue <br />Bonds, Series 1997; <br /> <br />R:\San Marcos\WWSS.03\Docs\Ordinance\WS Ord Final.wpd 2 <br /> <br /> <br />