Ord 1993-038 - Laserfiche WebLink

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) 3D 6- "Event of Default" means any Event of Default as defined in Section 12.01 of this Ordinance. The terms "Gross Revenues of the City's Electric Light and Power System" and "Gross Revenues" mean all revenues, income, and receipts of every nature derived or received by the City from the operation and ownership of the System, including the interest income from the investment or deposit of money in any Fund created by this Ordinance, or maintained by the City in connection with the System. "Initial Bond" means the Bond described in Section 3.04(d) and 6.02(d). .. Interest and Sinking Fund" means the interest and sinking fund provided in Section 9.02 of this Ordinance. "Interest Payment Date" means the date or dates upon which interest on the Bonds is scheduled to be paid until the maturity of the Bonds, such dates being May 1 and November 1 of each year commencing November 1, 1993. The terms '.Net Revenues of the City's Electric Light and Power System", and "Net Revenues" mean all Gross Revenues of the System after deducting and paying the current expenses of operation and maintenance of the System, as required by Article 1113, Vernon's Annotated Texas Civil Statutes, 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 by the adoption of the appropriate resolution, are necessary to keep the System in operation and render adequate service to said City and the inhabitants thereof, or such as might be necessary to meet some physical accident or condition which would otherwise impair the Parity Bonds, shall be deducted in determining Net Revenues. Payments made by the City for the purchase of electric power which constitute , under the law operation and maintenance expense shall be considered herein as expenses incurred in the operation and maintenance of the System. Depreciation shall never be considered as an expense of operation and maintenance. "Ordinance" means this Ordinance. '.Original Issue Date" means the initial date from which interest on the Bonds accrues and which is designated in Section 3.02(a) of this Ordinance. "Owner" means the person who is the registered owner of a Bond or Bonds, as shown in the Register. "Parity Bonds" means the Bonds, the Previously Issued Parity Bonds" and Additional Parity Bonds, if any. 4588f -3-