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"Escrow Agreement" means the agreements by and between the City and the Escrow Agent <br />relating to refunding the Refunded Obligations and the cash defeasance, respectively. <br />"Federal Securities" as used herein means direct, noncallable obligations of the United States <br />of America, including obligations that are unconditionally guaranteed by the United States of <br />America (including Interest Strips of the Resolution Funding Corporation). <br />"Fiscal Year" means the twelve -month accounting period used by the City in connection with <br />the operation of the System, currently ending on September 30 of each year, which may be any <br />twelve consecutive month period established by the City, but in no event may the Fiscal Year be <br />changed more than one time in any three calendar year period. <br />"Holder," "Holders," "Owners" or "Registered Owners" means anyperson or entity in whose <br />name a Bond is registered in the Security Register, for any Parity Obligation. <br />"Initial Bonds" means the Bonds authorized, issued, and initially delivered as provided in <br />Section 4 of this Ordinance. <br />"Insurance Policy" means an insurance policy issued by any Insurer guaranteeing the <br />scheduled principal of and interest on the Bonds when due. <br />"Interest and Sinking Fund" means the special fund maintained by the provisions of Section <br />8 of this Ordinance. <br />"Interest Payment Date" means a date on which interest on the Bonds is due and payable. <br />"Issuance Date" means the date of delivery of the Bonds. <br />WSRB" means the Municipal Securities Rulemaking Board. <br />"Ordinance" means this ordinance finally adopted by the City Council on July 17, 2012. <br />"Outstanding ", when used with respect to Bonds, means, as of the date of determination, all <br />Bonds theretofore delivered under this Ordinance, except: <br />(1) Bonds theretofore cancelled and delivered to the City or delivered to the Paying <br />Agent /Registrar for cancellation; <br />(2) Bonds deemed paid pursuant to the provisions of Section 9 of this Ordinance; <br />(3) Bonds upon transfer of or in exchange for and in lieu of which other Bonds have <br />been authenticated and delivered pursuant to this Ordinance <br />(4) Bonds under which the obligations of the City have been released, discharged or <br />San Marcos GORB 2012 - Delegated: Ordinance A-3 <br />