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<br />"Paying Agent/Registrar" means Chase Bank of Texas, National Association, any successor thereto <br />or an entity which is appointed as and assumes the duties of paying agent/registrar as provided in this <br />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; and <br /> <br />City of San Marcos, Texas, Waterworks and Sewer System Revenue <br />Bonds, Series 1998. <br /> <br />"Purchaser" means the person, firm or entity initially purchasing the Bonds from the City and which <br />is designated in Section 7.01 of this Ordinance. <br /> <br />"Record Date" means the last business day of the month next preceding an Interest Payment Date. <br /> <br />"Register" means the Register specified in Section 3.06(a) of this Ordinance. <br /> <br />"Special Payment Date" means the Special Payment Date prescribed by Section 3.03(b) of this <br />Ordinance. <br /> <br />"Surety Policy" means, to the extent permitted'by law, as evidenced by an opinion of nationally <br />recognized bond counsel, a surety bond or insurance policy (which, under currently applicable law, may not <br />entitle the provider thereof to any right of reimbursement or repayment other than a right to subrogation upon <br />payments being made to bondholders) by which the issuer is obligated to provide funds up to and including <br />the maximum amount and under the conditions specified in such agreement or instrument, provided that the <br />issuer of any Surety Policy shall be rated, at the time of issuance of such Surety Policy, in the highest rating <br />category by Standard & Poor's Ratings Group and Moody's Investors Service. <br /> <br />"System" means the City's combined Waterworks and Sewer System, including all present and future <br />extensions, enlargements, additions, replacements and improvements thereto. <br /> <br />"Unclaimed Payments" means money deposited with the Paying Agent/Registrar for the payment <br />of the principal of or interest on the Bonds as the same come due and payable and remaining unclaimed by <br />the Owners of Bonds for 90 days after the applicable payment or redemption date. <br /> <br />RcISANMAR\ WWSS.99\DOCS\ORDNCFN. WPD <br /> <br />3 <br />