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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Variable Rate Bonds means one or more Series <strong>of</strong> variable rate bonds authorized by the<br />
Supplemental Resolutions to be issued under the 1991 Master Resolution, in the aggregate principal amounts specified<br />
in one or more Series Sale Resolutions. Variable Rate Bonds may bear interest at Daily Rates, Weekly Rates, Auction<br />
Rates, Commercial Paper Rates, Term Rates or a Fixed Rate, as such terms are defined in the 1991 Master Resolution.<br />
Weekly Rate.<br />
Weekly Mode means the Mode during which a Series <strong>of</strong> Variable Rate Bonds bears interest at the<br />
Weekly Rate means the per annum interest rate on a Series <strong>of</strong> Variable Rate Bonds in the Weekly<br />
Mode determined by the applicable Remarketing Agent on <strong>and</strong> as <strong>of</strong> the applicable Rate Determination Date as the<br />
minimum rate <strong>of</strong> interest which, in the opinion <strong>of</strong> the Remarketing Agent under then-existing market conditions,<br />
would result in the sale <strong>of</strong> such Variable Rate Bond on the Rate Determination Date at a price equal to the principal<br />
amount there<strong>of</strong>, plus accrued <strong>and</strong> unpaid interest, if any. The initial Weekly Rate for the 2010A Bonds shall be in<br />
effect from <strong>and</strong> including the date <strong>of</strong> issuance <strong>of</strong> the 2010A Bonds to <strong>and</strong> including the following Tuesday, <strong>and</strong><br />
thereafter, from <strong>and</strong> including each Wednesday to <strong>and</strong> including the following Tuesday.<br />
Pledge <strong>of</strong> Revenues<br />
The Bonds are revenue bonds, are not secured by any taxing power <strong>of</strong> the <strong>Commission</strong> (which as <strong>of</strong><br />
the date here<strong>of</strong> has no taxing power) <strong>and</strong> are payable as to both principal <strong>and</strong> interest, <strong>and</strong> any premium upon<br />
redemption there<strong>of</strong>, exclusively from, <strong>and</strong> are secured by a pledge <strong>of</strong>, lien on <strong>and</strong> security interest in Net Revenues <strong>of</strong><br />
the <strong>Airport</strong>. Net Revenues constitute a trust fund for the security <strong>and</strong> payment <strong>of</strong> the principal <strong>of</strong>, premium, if any, <strong>and</strong><br />
interest on, the Bonds. The <strong>Commission</strong> has assigned to the Trustee for the benefit <strong>of</strong> the Bondholders all <strong>of</strong> its right,<br />
title <strong>and</strong> interest in, the following:<br />
(a) Amounts on deposit from time to time in the funds <strong>and</strong> accounts created pursuant to the<br />
1991 Master Resolution, including the earnings thereon, subject to the provisions <strong>of</strong> the<br />
1991 Master Resolution permitting the application there<strong>of</strong> for the purposes <strong>and</strong> on the terms<br />
<strong>and</strong> conditions set forth therein; provided, however, that there expressly is excluded from<br />
any pledge, assignment, lien or security interest created by the 1991 Master Resolution,<br />
Revenues appropriated, transferred, deposited, expended or used for the payment <strong>of</strong><br />
Operation <strong>and</strong> Maintenance Expenses;<br />
(b) Amounts constituting Net Revenues; <strong>and</strong><br />
(c) Any <strong>and</strong> all other property <strong>of</strong> any kind from time to time by delivery or by writing <strong>of</strong> any<br />
kind specifically conveyed, pledged, assigned or transferred, as <strong>and</strong> for additional security<br />
for the Bonds, by the <strong>Commission</strong> or anyone on its behalf or with its written consent in<br />
favor <strong>of</strong> the Trustee, which is authorized to receive any <strong>and</strong> all such property at any <strong>and</strong> all<br />
times <strong>and</strong> to hold <strong>and</strong> apply the same subject to the terms <strong>of</strong> the 1991 Master Resolution.<br />
The pledge <strong>of</strong> Net Revenues <strong>and</strong> other moneys <strong>and</strong> property made in the 1991 Master Resolution is<br />
irrevocable until all <strong>of</strong> the Bonds have been paid <strong>and</strong> retired.<br />
All Bonds issued <strong>and</strong> outst<strong>and</strong>ing under the 1991 Master Resolution are <strong>and</strong> will be equally <strong>and</strong><br />
ratably secured with all other outst<strong>and</strong>ing Bonds, with the same right, lien, preference <strong>and</strong> priority with respect to Net<br />
Revenues, without preference, priority or distinction on account <strong>of</strong> the date or dates or the actual time or times <strong>of</strong> the<br />
issuance or maturity <strong>of</strong> the Bonds. All Bonds <strong>of</strong> a particular Series will in all respects be equally <strong>and</strong> ratably secured<br />
<strong>and</strong> will have the same right, lien <strong>and</strong> preference established under the 1991 Master Resolution for the benefit <strong>of</strong> such<br />
Series <strong>of</strong> Bonds, including, without limitation, rights in any related account in the Construction Fund, the Debt Service<br />
Fund or the Reserve Fund. Amounts drawn under a Credit Facility with respect to particular Series <strong>of</strong> Bonds <strong>and</strong> all<br />
other amounts held in funds or accounts established with respect to such Bonds pursuant to the provisions <strong>of</strong> the 1991<br />
Master Resolution <strong>and</strong> <strong>of</strong> any Supplemental Resolution will be applied solely to make payments on such Bonds.<br />
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