Ord 2013-022/Electric Utility System Revenue Financing Program

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"Debt" means all indebtedness of the City payable from all or part of the Security that is also: (1) indebtedness incurred or assumed by the City for borrowed money (including all obligations arising under Credit Agreements) and all other financial obligations of the City that, in accordance with generally accepted accounting principles, are shown on the liability side of a balance sheet; (2) all other indebtedness (other than indebtedness otherwise treated as Debt hereunder) for borrowed money or for the acquisition, construction, or improvement of property or capitalized lease obligations that is guaranteed, directly or indirectly, in any manner by the City, or that is in effect guaranteed, directly or indirectly, by the City through an agreement, contingent or otherwise, to purchase any such indebtedness or to advance or supply funds for the payment or purchase of any such indebtedness or to purchase property or services primarily for the purpose of enabling the debtor or seller to make payment of such indebtedness, or to assure the owner of the indebtedness against loss, or to supply funds to or in any other manner invest in the debtor (including any agreement to pay for property or services irrespective of whether or not such property is delivered or such services are rendered), or otherwise; and (3) all indebtedness secured by any mortgage, lien, charge, encumbrance, pledge, or other security interest upon property owned by the City whether or not the City has assumed or become liable for the payment thereof. For the purpose of determining the "Debt" of the City, only outstanding Debt shall be included. No item shall be considered Debt unless such item constitutes indebtedness under generally accepted accounting principles applied on a basis consistent with the financial statements of the City in prior Fiscal Years. "Defeased Debt" means any Parity Debt and the interest thereon deemed to be paid, retired, and no longer Outstanding pursuant to the provisions of the applicable Supplement authorizing such Parity Debt; and thus, no longer secured by, payable from, or entitled to the benefits of the Security. "Electric Utility System "or "System" means as currently comprised, the City's combined electric, light and power system, which includes all properties, facilities, plants, improvements, equipment, interests and rights currently owned, operated and maintained by the City for the electric light and power system with all future extensions, improvements, purchases, repairs, replacements and additions thereto, whether situated within or without the limits of the City, owned by the City; provided, however, that the City expressly retains the right to (i) sell the Electric Utility System as set forth in Section 6(n) of this Master Ordinance and (ii) incorporate any other Electric Utility System (other than telecommunications system) as provided by the laws of the State as a part of the Electric Utility System. The Electric Utility System shall not include any Special Project as provided in this Master Ordinance. "Enabling Act" means Chapter 1502, Texas Government Code, as amended. SanMARCOS \ElectricUtilSysRevBonds\2013: MasterOrdinance A'4