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<br />"Closing Date" means the date of the initial delivery of and payment for the <br />Certifica tes. <br /> <br />"Code" means the Internal Revenue Code of 1986, as amended, including the <br />regulations and published rulings thereunder. <br /> <br />"City Council" means the governing body of the City. <br /> <br />"Construction Fund" means the construction fund established by Section <br />7.01(a)(íi) of this Ordinance. <br /> <br />"Event of Default" means any Event of Default as defined in Section 10.01 of <br />this Ordinance. <br /> <br />"Holder" or "Owner" means the person who is the registered owner of a <br />Certificate or Certificates, as shown in the Register. <br /> <br />"Initial Certificate" means the certificate described in Section 3.04(d) and <br />6.02(d). <br /> <br />"Interest and Sinking Fund" means the interest and sinking fund estab1ished by <br />Section 7.01(a) of this Ordinance. <br /> <br />"Interest Payment Date" means the date or dates upon which interest on the <br />Certificates is scheduled to be paid until the maturity of the Certificates, such <br />dates being February 1 and August 1 of each year commencing February 1, 1988. <br /> <br />"Net Revenues" means the gross revenues derived by the City from the <br />ownership and operation of the City's airport, less the City's expense of operation <br />and maintenance thereof. <br /> <br />"Ordinance" means this Ordinance. <br /> <br />"Original Issue Date" means the initial date from which interest on thè <br />Certificates accrues and which is designated in Section 3.02(a) of this Ordinance. <br /> <br />"Outstanding Obligations" means the outstanding certificates of the following <br />issues of the City: City of San Marcos, Texas, Tax and Revenue Certificates of <br />Obligation, Series 1977, dated October 1, 1977. <br /> <br />"Paying Agent/Registrar" means MBank Austin, N.A., Austin, Texas, any <br />successor thereto or an entity which is appointed as and assumes the duties of <br />paying agent/registrar as provided in this Ordinance. <br /> <br />"Purchaser" means the person, firm or entity initially purchasing the <br />Certificates from the City and which is designated in Section 12.01 of this <br />Ordinance. <br /> <br />0405s <br /> <br />-2- <br />