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an allocation of Assessment Bonds, the amount of Assessment Bonds remaining outstanding shall be <br />reduced on a pro rata basis with bonds that are not deemed Assessment Bonds. <br />(4) "Authorized Denomination" <br />within a maturity of a Series unless otherwise <br />approving the Bond Sale Terms. <br />means $5,000 or any integral multiple thereof <br />specified by the Designated Representative in <br />(5) "Average Annual Debt Service" means, as of its date of calculation, the sum <br />of the Annual Debt Service for the applicable Base Period, depending on context, and the remaining <br />years to the last scheduled maturity, divided by the number of those years. For purposes of <br />computing the Reserve Requirement, the estimated amount of bonds to be redeemed prior to maturity <br />may be taken into account if required under federal arbitrage regulations. Unless otherwise specified, <br />Average Annual Debt Service for all outstanding Parity Bonds shall be calculated based on the <br />aggregate Annual Debt Service of all Parity Bonds then outstanding, without regard to series. <br />(6) "Balloon Maturity Bonds" means any evidences of indebtedness of the City <br />payable from Gross Revenue that are so designated pursuant to the ordinance authorizing such <br />indebtedness to be incurred. <br />(7) "Base Period" means a fiscal year, calendar year, or Bond Year, depending <br />on context. For purposes of a certificate delivered to demonstrate compliance with the Parity <br />Requirement, "Base Period" means any consecutive 12-month period out of the 36-month period <br />next preceding the date of issuance of the proposed Future Parity Bonds. <br />(8) "Beneficial Owner" means, with respect to a Bond or the Parity Bonds <br />(depending on context), the owner of any beneficial interest in that Bond or Parity Bond. <br />(9) "Bond" means each bond issued pursuant to and for the purposes provided in <br />this ordinance. <br />(10) "Bond Counsel" means the firm of Stradling Yocca Carlson & Rauth LLP, its <br />successor, or any other attorney or firm of attorneys selected by the City with a nationally recognized <br />standing as bond counsel in the field of municipal finance. <br />(11) "Bond Purchase Agreement" means an offer to purchase a Series of the <br />Bonds pursuant to certain Sale Terms, setting forth certain terms and conditions of the issuance, sale <br />and delivery of such Series, which offer is authorized to be accepted by the Designated <br />Representative on behalf of the City, consistent with this ordinance. In the case of a competitive sale, <br />the official notice of sale, the Purchaser's bid and the award by the City, and a certificate of the <br />Designated Representative confirming the Sale Terms shall constitute the Bond Purchase Agreement <br />for purposes of this ordinance. <br />(12) "Bond Redemption Subaccount" means the "Fund 401—Water &Sewer Utility <br />Fund" created in the office of the Finance Director for the sole purpose of paying and securing the <br />payment of the principal of, premium, if any, and interest on the Parity Bonds, including principal of <br />Term Bonds due on scheduled mandatory redemption dates. <br />(13) "Bond Register" means the books or records maintained by the Bond <br />Registrar for the purpose of identifying ownership of each Bond. <br />(14) "Bond Registrar" means the Fiscal Agent, or any successor bond registrar <br />selected by the City. <br />(15) "Book -Entry Form" means a fully registered form in which physical bond <br />certificates are registered only in the name of the Securities Depository (or its nominee), as <br />3 <br />