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"Bond Register" means the books for the registration, transfer and exchange of Bonds kept at the office of the Paying Agent. "Bondowner" or "Registered Owner" when used with respect to any Bond means the Person in whose name such Bond is registered on the Bond Register. "Bonds" means the Special Obligation Bonds, Series 2005, authorized and issued by the City pursuant to this Ordinance. "Business Day" means a day, other than a Saturday, Sunday or holiday, on which the Paying Agent is scheduled in the normal course of its operations to be open to the public for conduct of its banking operations. "City" means the City of University City, Missouri, and any successors or assigns. "Code" means the Internal Revenue Code of 1986, as amended. "Debt Service Fund" means the fund by that name referred to in Section 501 hereof. "Debt Service Reserve Fund" means the fund by that name referred to in Section 501 hereof. "Debt Service Reserve Requirement" means the sum of $70,000, which represents the amount on the date of original issuance and delivery of the Bonds equal to the least of (1) 10% of the stated principal amount of the Bonds, (2) the maximum Debt Service Requirements for the Bonds during any fiscal year, or (3) 125% of the average annual Debt Service Requirements for the Bonds over the term of the Bonds. If the aggregate initial offering price of the Bonds to the public is less than 98% or more than 102% of par, such offering price shall be used in clause (1) in lieu of the stated principal amount. "Defaulted Interest" means interest on any Bond which is payable but not paid on any Interest Payment Date. "Defeasance Obligations" means any of the following obligations: (a) cash (insured at all times by the Federal Deposit Insurance Corporation (or otherwise collateralized with obligations described in paragraph (b) or (c) below); or (b) United States Government Obligations that are not subject to redemption m advance of their maturity dates; or (c) obligations of any state or political subdivision of any state, the interest on which is excluded from gross income for federal income tax purposes and which meet the following conditions: (I) the obligations are (i) not subject to redemption prior to maturity or (ii) the trustee for such obligations has been given irrevocable instructions concerning their calling and redemption and the issuer of such obligations has covenanted not to redeem such obligations other than as set forth in such instructions; -2-