Ord 2007-036 - Laserfiche WebLink

Home Browse Search

ARTICLE I DEFINITIONS AND OTHER PRELIMINARY MATTERS Section 1 O1 Definitions Unless otherwise expressly provided or unless the context clearly requires otherwise, m this Ordinance the following terms shall have the meanings specified below "Bond" means any of the Bonds "Bonds" means the City's bonds entitled "City of San Marcos, Texas, General Obligation Bonds, Series 2007" authorized to be issued by Section 3 O1 "Closing Date" means the date of the mrt~al delivery of and payment for the Bonds "Code" means the Internal Revenue Code of 1986, as amended, including applicable regulations, published rulings and court decisions relating thereto "Defeasance Securities" means (i) Federal Securities, (n) noncallable obligations of an agency or instrumentality of the United States of America, mcludmg obligations that are unconditionally guaranteed or insured by the agency or instrumentality and that, on the date the Crty Council adopts or approves proceedings authonzmg the issuance of refunding bonds or otherwise provide for the funding of an escrow to effect the defeasance of the Certificates are rated as to investment quality by a nationally recognized investment rating firm not less than "AAA" or its equivalent, and (iii) noncallable obligations of a state or an agency or a county, municipality, or other political subdivision of a state that have been refunded and that, on the date the City Council adopts or approves proceedings authorizing the issuance of refunding bonds or otherwise provide for the funding of an escrow to effect the defeasance of the Certificates, are rated as to investment quality by a nationally recognized investment rating firm no less than "AAA" or its equivalent. "Designated Payment/Transfer Office" means (i) with respect to the initial Paying Agent/Registrar named herein, its designated office m Houston, Texas, and (n) with respect to any successor Paying Agent/Registrar, the office of such successor designated and located as may be agreed upon by the City and such successor "DTC" means The Depository Trust Company of New York, New York, or any successor securities depository "DTC Participant" means any broker, dealer, bank, trust company, clearing corporation or certain other organizations with Bonds credited to an account maintained on its behalf by DTC "Event of Default" means any Event of Default as defined m Section 10 O 1 . "Federal Securities" as used herein means direct, noncallable obligations of the United States of Amenca, mcludmg obligations that are unconditionally guaranteed by the United States of America (including Interest Strips of the Resolution Funding Corporation) "Initial Bond" means the Bond described m Section 3 04(d) and 6 02(d) San Marcos GO 2007 Ordinance