Ord 2002-054 - Laserfiche WebLink

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"Net Revenues" and "Net Revenues of the City's Electric Light and Power System" mean all Gross Revenues after deducting and paying the current expenses of operation and maintenance of the System, as required by Tex. Gov't Code Ann. S 1502.056, including all salaries, labor, materials, interest. repairs and extensions necessary to render efficient service, and each proper item of expense; provided, however, that only such repairs and extensions, as in the judgment of the City Council are necessary to keep the System in operation and provide adequate service to the City and the inhabitants thereof, or such as might be necessary to respond to a physical accident or condition which would otherwise impair the Parity Revenue Obligations, shall be deducted in determining Net Revenues. Payments made by the City for the purchase of electric power which constitute under law operation and maintenance expenses shall be considered herein as expenses incurred in the operation and maintenance of the System. Depreciation shall not be considered as an expense of operation and maintenance. "Ordinance" means this Ordinance. "Original Issue Date" means the date designated as the date of the Bonds in Section 3.02. "Owner" means the person who is the registered owner of a Bond or Bonds, as shown in the Register. "Parity Revenue Obligations" means the Bonds and Additional Parity Obligations. "Paying Agent/Registrar" means lPMorgan Chase Bank, any successor thereto or an entity which is appointed as and assumes the duties of paying agent/registrar as provided in this Ordinance. "Pledged Revenues" means the Net Revenues, plus any additional revenues, income, receipts, or other resources, including, without limitation, any grants, donations, or income received or to be received from the United States Government, or any other public or private source, whether pursuant to an agreement or otherwise, which hereafter may be pledged to the payment of the Parity Revenue Obligations. "Purchaser" means the person, firm or entity initially purchasing the Bonds from the City and which is designated in Section 7.01. "Rating Agency" means any nationally recognized securities rating agency which has assigned, at the request of the City, a rating to the Parity Revenue Obligations. "Record Date" means the 15th day of the month next preceding an Interest Payment Date. "Register" means the Register specified in Section 3.06(a). "Representation Letter" means the Blanket Issuer Letter ofReprcsentations with respect to the Bonds and other obligations of the City, between the City and DTC. "Reserve Fund" means the reserve fund provided in Section 8.01 ( c). "Revenue Fund" means the revenue fund provided in Section 8.0 1 (a). "Special Payment Date" means the new date established for payment of interest on the Bonds in the event of a nonpayment of interest on a scheduled payment date, and for 30 days thereafter, as described in Section 3.03(b). RISan Marcos\EUS IUdg.02\Docs\Ordinance\Final.wpd 3