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<br /> fer&- <br /> "Interest Payment Date" means the date or- dates upon which interest on the Bonds is <br /> scheduled to be paid until the maturity of the Bonds, such dates being February 15 and August 15 of <br /> each year commencing February 15, 1997. <br /> "N et Revenues" means the gross revenues of the System less the expense of operation and <br /> maintenance, including all salaries, labor, materials, repairs and extensions necessary to render <br /> efficient service, provided, however, that only such repairs and extensions as in the judgment of the <br /> City Council, reasonably and fairly exercised, are necessary to keep the System in operation and <br /> < render adequate service to the City and the inhabitants thereof, or such as might be necessary to meet <br /> ~ some physical accident or condition which would otherwise impair the security of any special <br /> f <br /> t obligations payable ITom and secured by a lien on the net revenues of the System shall be deducted <br /> L in determining "Net Revenues". <br /> "Ordinance" means this Ordinance. <br /> "Original Issue Date" means the initial date ITom which interest on the Bonds accrues and <br /> which is designated in Section 3.02(a) of this Ordinance. <br /> "Owner" means the person who is the registered owner of a Bond or Bonds, as shown in the <br /> Register. <br /> "Parity Revenue Obligations" means the Previously Issued Parity Gbligations, Bonds and <br /> Additional Parity Obligations. <br /> "Paying Agent/Registrar" means Texas Commerce Bank National Association, any successor <br /> thereto or an entity which is appointed as and assumes the duties of paying agent/registrar as provided <br /> in this Ordinance. <br /> "Previously Issued Parity Obligations" means the outstanding bonds of the following issue: <br /> ¡ City of San Marcos, Texas, 'Waterworks and Sewer System Revenue <br /> L~, Refunding and Improvement Bonds, Series 1995. <br /> "Purchaser" means the person, firm or entity initially purchasing the Bonds ITom the City and <br /> which is designated in Section 7.01 of this Ordinance. <br /> "Record Date" means the last business day of the month next preceding an Interest Payment <br /> Date. <br /> "Register" means the Register specified in Section 3.06(a) of this Ordinance. <br /> "Representation Letter" means the Letter of Representations with respect to the Bonds, <br /> between the City and DTc. <br /> !t. 3A.~"""'-'\'IW3S."ADO=O"""cr.r.." 3 <br />