Ord 2013-022/Electric Utility System Revenue Financing Program

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"Financing Program" means the "City of San Marcos, Texas Electric Utility System Revenue Financing Program ". "Fiscal Year" means the twelve -month accounting period used by the City in connection with the operation of the Electric Utility System, currently ending on September 30 of each year, which may be any twelve consecutive month period established by the City, but in no event may the Fiscal Year be changed more than one time in any three calendar year period. "Funded Debt" means all Parity Debt created, assumed, or guaranteed by the City that matures by its terms (in the absence of the exercise of any earlier right of demand), or is renewable at the option of the City to a date, more than one year after the original creation, assumption, or guarantee of such Debt by the City. "Gross Revenues" and "Gross Revenues of the City's Electric Utility System" mean all revenues, income and receipts of every nature derived or received by the City from the operation and ownership of the Electric Utility System including the interest income from investment or deposit of money in any account or subaccount created by this Master Ordinance or maintained by the City in connection with the Electric Utility System (Except any account or subaccount not pledged as Security under this Master Ordinance or any Supplement) and any other revenues hereafter pledged to the payment of all Parity Debt. Any interest income related to any reserve account shall operate as provided in the applicable Supplement. "Holder" or "Bondholder" or "owner" means the (i) registered owner of any Parity Debt registered as to ownership, (ii) holder of any Parity Debt payable to bearer or (iii) obligee (other than the City) pursuant to any Credit Agreement. "Interest and Sinking Account" has the meaning assigned to that term in Section 3(c) hereof. "Master Ordinance" means this "Master Ordinance Establishing the City of San Marcos, Texas Electric Utility System Revenue Financing Program" as may be supplemented or amended from time to time as authorized by the City and this Master Ordinance. "Maturity" when used with respect to any Debt means the date on which the principal of such Debt or any installment thereof becomes due and payable as therein provided, whether at the Stated Maturity thereof or by call for redemption, or otherwise. "Maintenance and Operating Expenses" means the reasonable and necessary expenses of operation and maintenance of the Electric Utility System as required by Section 1502.056, Texas Government Code, as amended, or other applicable State law including all salaries, labor, materials, repairs and extensions necessary to render efficient service (but only such repairs and extensions as, in the judgment of the Chief Financial Officer, are necessary to keep the Electric Utility System in operation and render adequate service to the City and the inhabitants thereof, or such as might be necessary to meet some physical accident or conditions which would otherwise impair the Parity Debt), and all payments under contracts now or hereafter defined as operating expenses by State law. Depreciation shall never be considered as a Maintenance and Operating Expense. SanMARCOS \ElectricUtilSysRevBonds \2013: MasterOrdinance A -5