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

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