Official Statement Airport Commission City and County of San ...
Official Statement Airport Commission City and County of San ...
Official Statement Airport Commission City and County of San ...
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
Government Certificates means evidences <strong>of</strong> ownership <strong>of</strong> proportionate interests in future principal<br />
or interest payments <strong>of</strong> Government Obligations, including depository receipts there<strong>of</strong>. Investments in such<br />
proportionate interests must be limited to circumstances wherein (i) a bank or trust company acts as custodian <strong>and</strong><br />
holds the underlying Government Obligations; (ii) the owner <strong>of</strong> the investment is the real party in interest <strong>and</strong> has the<br />
right to proceed directly <strong>and</strong> individually against the obligor <strong>of</strong> the underlying Government Obligations; <strong>and</strong> (iii) the<br />
underlying Government Obligations are held in a special account, segregated from the custodian's general assets, <strong>and</strong><br />
are not available to satisfy any claim <strong>of</strong> the custodian, or any person claiming through the custodian, or any person to<br />
whom the custodian may be obligated.<br />
Government Obligations means direct <strong>and</strong> general obligations <strong>of</strong>, or obligations the timely payment<br />
<strong>of</strong> principal <strong>of</strong> <strong>and</strong> interest on which are unconditionally guaranteed by, the United States <strong>of</strong> America.<br />
Holder, Bondholder, Owner <strong>and</strong> Bondowner mean the person or persons in whose name any Bond or<br />
Bonds are registered on the records maintained by the Registrar or, in the case <strong>of</strong> bearer obligations, who hold any<br />
Bond or Bonds, <strong>and</strong> shall include any Credit Provider to which a Repayment Obligation is then owed, to the extent that<br />
such Repayment Obligation is deemed to be a Bond pursuant to the Resolution.<br />
Independent Auditor means a firm or firms <strong>of</strong> independent certified public accountants with<br />
knowledge <strong>and</strong> experience in the field <strong>of</strong> governmental accounting <strong>and</strong> auditing selected or employed by the <strong>City</strong>.<br />
Index Rate means a fixed annual interest rate equal to the rate most recently published by The Bond<br />
Buyer as the 25-Bond Revenue Index <strong>of</strong> revenue bonds maturing in 30 years, or a successor index designated by the<br />
<strong>Commission</strong>.<br />
Indexing Agent means Municipal Market Data, Boston, Massachusetts, a Thomson Financial<br />
Services Company or its successor or a similar information service selected by the <strong>Commission</strong> if Municipal Market<br />
Data ceases to exist.<br />
Insolvent shall be used to describe the Trustee, any Paying Agent, Authenticating Agent, Registrar,<br />
other agent appointed under the 1991 Master Resolution or any Credit Provider, if (a) such person shall have instituted<br />
proceedings to be adjudicated a bankrupt or insolvent, shall have consented to the institution <strong>of</strong> bankruptcy or<br />
insolvency proceedings against it, shall have filed a petition or answer or consent seeking reorganization or relief under<br />
the federal Bankruptcy Code or any other similar applicable federal or state law, or shall have consented to the filing <strong>of</strong><br />
any such petition or to the appointment <strong>of</strong> a receiver, liquidator, assignee, trustee or sequestrator or other similar<br />
<strong>of</strong>ficial <strong>of</strong> itself or <strong>of</strong> any substantial part <strong>of</strong> its property, or shall fail to timely controvert an involuntary petition filed<br />
against it under the federal Bankruptcy Code, or shall consent to the entry <strong>of</strong> an order for relief under the federal<br />
Bankruptcy Code or shall make an assignment for the benefit <strong>of</strong> creditors or shall admit in writing its inability to pay its<br />
debts generally as they become due; or (b) a decree or order by a court having jurisdiction in the premises adjudging<br />
such person as bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement,<br />
adjustment or composition <strong>of</strong> or in respect <strong>of</strong> such person under the federal Bankruptcy Code or any other similar<br />
applicable federal or state law or for relief under the federal Bankruptcy Code after an involuntary petition has been<br />
filed against such person, or appointing a receiver, liquidator, assignee, trustee or sequestrator or other similar <strong>of</strong>ficial<br />
<strong>of</strong> such person or <strong>of</strong> any substantial part <strong>of</strong> its property, or ordering the winding up or liquidation <strong>of</strong> its affairs, shall<br />
have been entered <strong>and</strong> shall have continued unstayed <strong>and</strong> in effect for a period <strong>of</strong> 90 consecutive days.<br />
Interest Accrual Period means the period during which a Series <strong>of</strong> Variable Rate Bonds accrues<br />
interest payable on any Interest Payment Date applicable thereto. With respect to a Series <strong>of</strong> Variable Rate Bonds in a<br />
Weekly Mode, the Interest Accrual Period shall commence on (<strong>and</strong> include) the last Interest Payment Date to which<br />
interest has been paid (or, if no interest has been paid in such Mode, from (<strong>and</strong> including) the date <strong>of</strong> original<br />
authentication <strong>and</strong> delivery <strong>of</strong> such Variable Rate Bond, or the Mode Change Date, as the case may be) to, but not<br />
including, the Interest Payment Date on which interest is to be paid. If, at the time <strong>of</strong> authentication <strong>of</strong> any Variable<br />
Rate Bond, interest is in default or overdue on the Variable Rate Bonds, such Variable Rate Bond shall bear interest<br />
from the date to which interest has previously been paid in full or made available for payment in full on Outst<strong>and</strong>ing<br />
Variable Rate Bonds.<br />
C-4