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MASTER ORDINANCE ESTABLISHING THE <br />CITY OF SAN MARCO, TEXAS <br />ELECTRIC UTILITY SYSTEM REVENUE FINANCING PROGRAM <br />TABLE OF CONTENTS <br />SECTION PAGE <br />PREAMBLE.................................................................................................. <br />............................... 1 <br />Section 1. <br />ESTABLISHMENT OF FINANCING PROGRAM AND ISSUANCE OF <br />PARITYDEBT ....................................................................... ............................... 2 <br />Section 2. <br />SECURITY AND PLEDGE ................................................... ............................... 2 <br />Section3. <br />ACCOUNTS ........................................................................... ............................... 3 <br />Section4. <br />FLOW OF FUNDS ................................................................. ............................... 4 <br />Section 5. <br />RATE COVENANT ............................................................... ............................... 5 <br />Section 6. <br />GENERAL REPRESENTATIONS AND COVENANTS ..... ............................... 5 <br />Section 7. <br />ISSUANCE OF PARITY DEBT ............................................ ............................... 9 <br />Section 8. <br />WAIVER OF CERTAIN COVENANTS ............................. ............................... <br />11 <br />Section 9. <br />INDIVIDUALS NOT LIABLE ............................................. ............................... <br />11 <br />Section 10. <br />SPECIAL OBLIGATIONS; ABSOLUTE OBLIGATION TO PAY <br />PARITYDEBT ..................................................................... ............................... <br />11 <br />Section 11. <br />DEFAULTS AND REMEDIES ............................................ ............................... <br />12 <br />Section 12. <br />DEFEASANCE OF PARITY DEBT .................................... ............................... <br />13 <br />Section 13. <br />AMENDMENT OF MASTER ORDINANCE ..................... ............................... <br />13 <br />Section 14. <br />REPEAL OF CONFLICTING ORDINANCES AND RESOLUTIONS ............. <br />15 <br />Section 15. <br />PARTIAL INVALIDITY ...................................................... ............................... <br />15 <br />Section 16. <br />ISSUANCE OF SPECIAL PROJECT OBLIGATIONS ...... ............................... <br />15 <br />Section 17. <br />FURTHER PROCEDURES ................................................. ............................... <br />16 <br />Section 18. <br />RULES OF INTERPRETATION ......................................... ............................... <br />16 <br />EXHIBIT A — Definitions <br />SanMARCOS \ElectricUtilSysRevBonds\2013: MasterOrdinance <br />