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<br /> service, provided, however, that only such repairs and extensions as <br /> in the judgment of the Board of Commissioners, reasonably and fairly <br /> exercised, are necessary to keep the System in operation and render <br /> adequate service to the City and the inhabitants thereof, or such as <br /> might be necessary to meet some physical accident or condition which <br /> would otherwise impair the security of any special obligations <br /> payable from and secured by a lien on the net revenues of the System <br /> shall be deducted in determining "Net Revenues". <br /> "Ordinance" means this Ordinance. <br /> "Original Issue Date" means the initial date from which <br /> interest on the Bonds accrues and which is designated in Section <br /> 3.02(a} of this Ordinance. <br /> "Owner" means the person who is the registered owner of a Bond <br /> or Bonds, as shown in the Register. <br /> "Parity Revenue Obligations" means the Bonds and Additional <br /> Parity Obligations. <br /> "Paying Agent/Registrar" means Ameritrust Texas National <br /> Association, any successor thereto or an entity which is appointed <br /> as and assumes the duties of paying agent/registrar as provided in <br /> this Ordinance. <br /> "Paying Agent/Registrar Office" means (i) with respect to the <br /> initial Paying Agent/Registrar named herein, its corporate trust <br /> office in Dallas, Texas, and (ii) with respect to any successor <br /> Paying Agent/Registrar, the office of such successor designated and <br /> located as may be agreed upon by the City and such successor. <br /> "Priority Obligations" means the outstanding bonds of the <br /> following described series: <br /> City of San Marcos, Texa s, Junior Lien Waterworks and Sewer <br /> System Revenue Bonds, Series 1968, dated July 1, 1968; <br /> City of San Marcos, Texas, Waterworks and Sewer System Revenue <br /> Bonds, Series 1984, dated January 1, 1984; <br /> City of San Marcos, Texas, Waterworks and Sewer System Revenue <br /> Bonds, Series 1987, dated August 1, 1987; <br /> City of San Marcos, Texas, Waterworks and Sewer System Revenue <br /> Bonds, Series 1988, dated February 1, 1988; <br /> Ci ty of San Marcos, Texas, Waterworks and Sewer System Revenue <br /> Bonds, Series 1988-A, dated November 1, 1988; and <br /> City of San Marcos, Texas, Waterworks and Sewer System Revenue <br /> Bonds, Series 1991, dated May 1, 1991. <br /> 4322f <br /> -3- <br />