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 ...
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Rating Agency means Fitch, Moody's <strong>and</strong> St<strong>and</strong>ard & Poor's or any other nationally recognized<br />
credit rating agency specified in a Supplemental Resolution; provided, however, that the term “Rating Agency” shall in<br />
any event include Fitch, Moody's or St<strong>and</strong>ard & Poor's, respectively, during such time that such rating agency<br />
maintains a credit rating on any series <strong>of</strong> Bonds Outst<strong>and</strong>ing under the 1991 Master Resolution.<br />
Rating Confirmation Notice means a notice from Moody’s, St<strong>and</strong>ard & Poor’s or Fitch, as<br />
appropriate, confirming that the rating on a Series <strong>of</strong> Variable Rate Bonds will not be withdrawn (other than a<br />
withdrawal <strong>of</strong> a short term rating upon a change to a Term Rate Mode or Fixed Rate Mode) as a result <strong>of</strong> the action<br />
proposed to be taken.<br />
Record Date means, with respect to a Series <strong>of</strong> Variable Rate Bonds in a Weekly Mode, the day<br />
(whether or not a Business Day) next preceding each Interest Payment Date.<br />
Remarketing Agent means initially, with respect to the 2010A-1 Bonds, Barclays Capital Inc., with<br />
respect to the 2010A-2 Bonds, Morgan Keegan & Company, Inc., <strong>and</strong> with respect to the 2010A-3 Bonds, RBC Capital<br />
Markets Corporation, <strong>and</strong> such other investment banking firms which may be substituted for such initial Remarketing<br />
Agents as provided in the 1991 Master Resolution. Unless the context otherwise requires, the term “Remarketing<br />
Agent,” whenever used in this Appendix C, shall refer only to the applicable Remarketing Agent with respect to each<br />
subseries <strong>of</strong> 2010A Bonds.<br />
Renewal Date means the forty-fifth (45th) day prior to the Expiration Date.<br />
Repayment Obligation means an obligation under a written agreement between the <strong>Commission</strong> <strong>and</strong><br />
a Credit Provider or Liquidity Provider to reimburse such Credit Provider or Liquidity Provider for amounts paid under<br />
or pursuant to a Credit Facility or Liquidity Facility, as applicable, for the payment <strong>of</strong> the principal or purchase price <strong>of</strong><br />
<strong>and</strong>/or interest on any Bonds.<br />
Revenues means all revenues earned by the <strong>Commission</strong> from or with respect to its possession,<br />
management, supervision, operation <strong>and</strong> control <strong>of</strong> the <strong>Airport</strong>, as determined in accordance with generally accepted<br />
accounting principles. Revenues shall not include: (i) interest income on, <strong>and</strong> any pr<strong>of</strong>it realized from, the investment<br />
<strong>of</strong> moneys in (A) the Construction Fund or any other construction fund funded from proceeds <strong>of</strong> any Subordinate<br />
Bonds, or (B) the Debt Service Fund which constitute capitalized interest, to the extent required to be paid into the Debt<br />
Service Fund, or (C) the Reserve Fund if <strong>and</strong> to the extent there is any deficiency therein; (ii) interest income on, <strong>and</strong><br />
any pr<strong>of</strong>it realized from, the investment <strong>of</strong> the proceeds <strong>of</strong> any Special Facility Bonds; (iii) Special Facility Revenues<br />
<strong>and</strong> any interest income or pr<strong>of</strong>it realized from the investment there<strong>of</strong>, unless such receipts are designated as Revenues<br />
by the <strong>Commission</strong>; (iv) any passenger facility charge or similar charge levied by or on behalf <strong>of</strong> the <strong>Commission</strong><br />
against passengers, unless all or a portion there<strong>of</strong> are designated as Revenues by the <strong>Commission</strong>; (v) grants-in-aid,<br />
donations <strong>and</strong>/or bequests; (vi) insurance proceeds which are not deemed to be Revenues in accordance with generally<br />
accepted accounting principles; (vii) the proceeds <strong>of</strong> any condemnation award; (viii) the proceeds <strong>of</strong> any sale <strong>of</strong> l<strong>and</strong>,<br />
buildings or equipment; <strong>and</strong> (ix) any money received by or for the account <strong>of</strong> the <strong>Commission</strong> from the levy or<br />
collection <strong>of</strong> taxes upon any property in the <strong>City</strong>.<br />
Securities Industry <strong>and</strong> Financial Markets Association Municipal Swap Index means, with respect to<br />
any Series <strong>of</strong> Variable Rate Bonds in the Weekly Mode for which a rate is not set pursuant to the Resolution, the<br />
interest rate per annum determined on the basis <strong>of</strong> an index based upon the weekly interest rates <strong>of</strong> tax-exempt variable<br />
rate issues included in a database maintained by the Indexing Agent which meet specific criteria established by the<br />
Securities Industry <strong>and</strong> Financial Markets Association. In the event the Indexing Agent no longer publishes an index<br />
satisfying the requirements <strong>of</strong> the preceding sentence, the rate shall be the “J.J. Kenny Index”, provided, however, that<br />
if the J.J. Kenny Index also ceases to be published, an alternative index shall be calculated by an entity selected in good<br />
faith by the <strong>Commission</strong>, <strong>and</strong> shall be determined using similar criteria for the Securities Industry <strong>and</strong> Financial<br />
Markets Association Municipal Swap Index.<br />
Series <strong>of</strong> Bonds or Bonds <strong>of</strong> a Series or Series shall mean a series <strong>of</strong> Bonds issued pursuant to the<br />
1991 Master Resolution.<br />
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