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<br />Initial Required Reserve: upon issuance of the Bonds, an amount equal to the least <br />of (a) 10% of the original proceeds (as determined pursuant to the Tax Code) of the Outstanding <br />Bonds, (b) 125% of the average annual principal of and interest on the Bonds, or (c) the maximum <br />amount of all required payments of principal and interest on the Bonds which will become due in <br />any fiscal year. <br />Letter of Representations: the letter of representations from the City to DTC to <br />induce DTC to accept the Bonds as eligible for deposit at DTC. <br />Open Space Sales Tax Ordinance: Ordinance No. 1119, Series 1993 passed and <br />adopted on August 3, 1993 and approved at the regular municipal election held on November 2, <br />1993. <br /> <br />Ordinance: this Ordinance, which authorizes the issuance of the Bonds. <br />Outstandin~: as of any date of calculation, all Bonds theretofore executed, issued and <br />delivered by the City except: <br />a. Bonds theretofore cancelled by the City, Registrar or Paying Agent, or surrendered <br />to the City, Registrar or Paying Agent for cancellation; <br />b. Bonds in lieu of or in substitution for which other Bonds shall have been executed, <br />issued and delivered by the City and authenticated by the Registrar unless proof satisfactory to the <br />Registrar and the Bond Insurer is presented that any such Bonds are duly held by the lawful <br />registered owners thereof; or <br />c. Bonds deemed to have been paid as provided in Section 20 hereof. <br />Owner or Re~istered Owner or Bondholder: when used with respect to a Bond or <br />Bonds, means the Registered Owner of any Outstanding Bond. <br />Parity Lien Bonds: one or more series of additional bonds, notes, certificates, <br />contracts, or other similar obligations issued in accordance with Section 19 hereof, payable in whole <br />or in part from the Capital Improvement Fund and the Pledged Revenues and having a lien thereon <br />on a parity with the lien of the Bonds. <br />Participants: any broker-dealer, bank, or other financial institution from time to time <br />for which DTC or other Depository holds the Bonds. <br /> <br />-3- <br />