08-83 Hospital Improvement revenue bonds

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policies, any grants, gifts, bequests, contributions and other dona- tions, and proceeds of any borrowing), during any applicable complete Fiscal Year following the completion of the construction, acquisition, or improvement to be financed from the proceeds of the Additional Bonds proposed to be issued, and (2) subtracting from such amount the pro- jected aggregate current operating expenses of the Issuer for the Hospi- tal Facilities, as determined by the Auditor in accordance with gene- rally accepted accounting principles consistently applied, during such Fiscal Year, excluding from any such current expenses: (a) any allow- ance for depreciation and amortization, (b) interest payments on any fixed indebtedness or capitalized lease obligations, (c) moneys to be expended for improvements having a useful life estimated to be in excess of five years, (d) payments to be made for Projected Annual Requirements or into the Debt Service Reserve Fund or the Depreciation Reserve Fund, and (e) losses on the sale or disposition, not in the ordinary course of business, of investments or fixed or capital assets. "Purchase Contract" means (i) as to the Series 1983-A Bonds, the Purchase Contract between the Issuer and the Original Purchaser of the Series 1983-A Bonds authorized and approved pursuant to Section 7 hereof; (ii) as to the Series 1983-B Bonds, the Purchase Contract be- tween the Issuer and the Original Purchaser of the Series 1983-B Bonds authorized and approved pursuant to Section 12 hereof; and (iii) as to any Series of Additional Bonds, the Purchase Contract between the issuer and the Original Purchaser of such Series of ,Bonds authorized pursuant to the Series Bond Legislation authorizing the issuance thereof. "Purchase Price" means, as to any Series of Bonds, the aggre- gate amount specified in or pursuant to the applicable Series Bond Legislation as the Purchase Price for the Bonds of such Series, together with any premium and accrued interest on the aggregate principal amount of the Bonds of such Series from their date to the date of their de- livery to the Original Purchaser. "Qualified Property" means any personal or real property, other than the Existing Hospital Facilities, which constitutes Hospital Facilities and which is necessary or useful in the operation of the Hospital Facilities, the depreciation charges for which are allowable costs under Medicare and Medicaid reimbursement regulations or other programs which provide for payment or reimbursement based in whole or in substantial part on costs including depreciation. "Rating Services" .means any service or services providing a rating on the Series 1983-A Bonds and the successors of any such service. "Redemption Amount" means the amount of $200,000. "Refunding" means, with respect to any Outstanding Bonds, either the refunding or advance refunding of such Bonds. -12-