Official Statement Airport Commission City and County of San ...

under “DESCRIPTION OF THE 2010A BONDS – Optional and Mandatory Tenders for Purchase – Mandatory
Tenders for Purchase – Mandatory Purchase Due to Default Under the Applicable Credit Facility Agreement or
Liquidity Facility Agreement”.
Mandatory Sinking Fund Payment means a principal amount of Variable Rate Bonds of a Series
which is subject to mandatory redemption on a Mandatory Sinking Fund Redemption Date.
Mandatory Sinking Fund Redemption Date means each May 1 upon which Variable Rate Bonds of a
Series are subject to mandatory redemption under the Supplemental Resolutions.
Maturity Date means, with respect to any Variable Rate Bond or Series of Variable Rate Bonds, the
date specified in a Series Sale Resolution relating to such Variable Rate Bond or Series of Variable Rate Bonds upon
which such Variable Rate Bond or Series of Variable Rate Bonds mature, and, upon a change to the Fixed Rate Mode,
any Serial Maturity Date established pursuant to the 1991 Master Resolution.
Maximum Annual Debt Service means the maximum amount of Annual Debt Service in any Fiscal
Year during the period from the date of calculation to the final scheduled maturity of the Bonds.
Maximum Rate means, on any day and with respect to any 2010A Bonds, the lesser of (i) the highest
interest rate which may be borne by such 2010A Bonds under State law, or (ii) 12%.
Maximum Series Annual Debt Service means the maximum amount of Annual Debt Service in any
Fiscal Year during the period from the date of calculation to the final scheduled maturity of a single series of Bonds.
Mode means the period of time that all Variable Rate Bonds of a Series bear interest at Daily Rates,
Weekly Rates, Auction Rates, Commercial Paper Rates, Term Rates or a Fixed Rate, and, as the context may require,
means the Commercial Paper Mode, the Daily Mode, the Weekly Mode, the Auction Mode, the Term Rate Mode or
the Fixed Rate Mode, as such terms are defined in the 1991 Master Resolution.
Mode Change Date means with respect to any Series of Variable Rate Bonds in a particular Mode,
the day on which another Mode for such Series of Variable Rate Bonds begins.
Net Revenues means Revenues less Operation and Maintenance Expenses.
Notice Parties means the Commission, the Trustee, the Remarketing Agents, if any, the Paying
Agent, the Credit Provider, if any, and the Liquidity Provider, if any.
Operation and Maintenance Expenses means, for any period, all expenses of the Commission
incurred for the operation and maintenance of the Airport, as determined in accordance with generally accepted
accounting principles. Operation and Maintenance Expenses shall not include: (a) the principal of, premium, if any, or
interest on any Bonds, Subordinate Bonds or general obligation bonds issued by the City for Airport purposes; (b) any
allowance for amortization, depreciation or obsolescence of the Airport; (c) any expense for which, or to the extent to
which, the Commission is or will be paid or reimbursed from or through any source that is not included or includable as
Revenues; (d) any extraordinary items arising from the early extinguishment of debt; (e) Annual Service Payments;
(f) any costs, or charges made therefor, for capital additions, replacements, betterments, extensions or improvements to
the Airport which, under generally accepted accounting principles, are properly chargeable to the capital account or the
reserve for depreciation; and (g) any losses from the sale, abandonment, reclassification, revaluation or other
disposition of any Airport properties. Operation and Maintenance Expenses shall include the payment of pension
charges and proportionate payments to such compensation and other insurance or outside reserve funds as the
Commission may establish or the Board of Supervisors may require with respect to employees of the Commission, as
now provided in the Charter.
Outstanding means, as of any date of determination, all Bonds of such Series which have been
executed and delivered under the 1991 Master Resolution except: (a) Bonds cancelled by the Trustee or delivered to
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