Res 1996-052 - Laserfiche WebLink

Home Browse Search

l/2ý "Interest Payment ])ate" means the date or dates upon which interest on the Bonds is scheduled to be paid until the maturity ofth.e BoOOs, such dates being January 1 and July of each year COJ:IUDeI1cing January 1, 1996. "Net Revenues" means the gross revenues of the System less the expense of operation and m>linti"Y1>1nC'.e, including all salaries, labor, materials, repairs and extensions necessary to render efficient service, provided, however, that only such repairs and extensions as in the judgment of the City Council, reasonably and fairly exercised, are necessary to keep the System in operation and render adequate service to the City and the inhabitants thereof, or such as might be necessary to meet some physical accident or rondition which would otherwise impair the security of any special obligations payable fi:'om and secured by 8 lien an the net revenues of the System shall be deducted in determining "Net Revenues". "Qrdi=" means this Ordinance. -f "Original Issue ])ate" means the initial date from which interest on the Bonds accrues and which is designated in Section 3.02(8) of this Ordi.n.ance. "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 AgentJRegistrar" means Texas Commerce Bank National Association, any successor thereto or an entity which is appointed as and assumes the duties of paying agent/registrar as provided in this Ordinance. "Purchaser" means the person, firm or entity initially purchasing the Bonds ÍÌ'om the City and which is designated in Section 7.01 of this Ordinance. "Recooi Date" means the last business day of the month next preceding an Interest Payment Date. "Register" means the Register specified in Section 3.O6(a) of this Ordinance. "Representation Letter" means the Letter of Representations with respect to the Bonds, between the City and DTC. "Special Payment Date" means the Special Payment Date prescribed by Section 3.03(b) of this Ordinance. "Surety" means META Insurance Company. "Surety Policy" means a surety bond, insurance policy, letter of credit or other agreement or instrument, including any related reimbursement or finandal guaranty agreement, by which the issuer is obligated to provide funds up to and including the maximum amount and under the ronditions specified in such agreement or instrument, provided that the issuer of any Surety Policy shall be rated, at the time of issuance of such Surety Policy, in the highest rating category by AM Best Company, Standard & Poor's Ratings Group or Moody's Investors Service. --","" "System" means the City's rombined Wat.e:rworks and Se:wer System, including all present and future extensions, enlargements, additions, rep1aœments and improvements thereto. "Uru:1aUned Payments" means money deposited with the Paying AgentlRegistrar for the payment of the principal of or interest on the Bonds as the same rome due and payable and remaining unclaimed by the Owners of Bonds for 90 days after the applicable payment or redemption date. Section 1.02. Other Definitions. The tenns "City CoÎincil," "City" and "Refunded Bonds" shall have the ro=ning assigned in the preamble to this Ordinance. . .. Section 2.01. Pledge ofReve:nues for Pa..ment ofllie Bonds. The Net Revenues of the System (with the exœption of those in excess of the amounts required to establish and TTI>Iint>lin the Funds as herdna.fter ¡xovided) are hereby pledged fir the pe.)1I!CIÌ of the ¡xiDcipal of and interest on the Parity Revenue QbI;gI'tin{1.'I, ÌDcluding the establishment and maintenance ofllie Reserve Fund hereinafter ¡rovided. Section 2.02. Soecial QbH"miccs. 17