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"Legal Officer" means the Director of Law of the Issuer. <br /> <br />"Legislative Authority" means the Council of the Issuer. <br /> <br />"Net Revenues" means the Revenues net of the Operating Expenses. <br /> <br /> "Operating Expenses" means the current operating expenses of the <br />Utility (excluding expenses of any other public utility of the Issuer whether or <br />not such other utility is operated as a single unit or department with the <br />Utility) including reimbursement to the Issuer for services provided by the <br />Issuer for the Utility which are expenses of the Utility, but excluding (whether <br />on capitalized leases or other debt) any allowance for depreciation, principal, <br />amortization and interest, all as determined (except as otherwise specified in <br />this definition) in accordance with GAAP for municipal utilities consistently <br />applied. <br /> <br /> "Original Purchaser" means, with respect to the Series 1991 Bonds, <br />the original purchaser of the Series 1991 Bonds, as evidenced in the Certificate <br />of Award, offering the lowest interest cost to the Issuer at an interest rate or <br />rates not exceeding that specified in Section 3(b) hereof. <br /> <br /> "Paying Agent" means the Trustee and any other bank or trust company <br />designated as a Paying Agent by or in accordance with Section 6.12 of the <br />Indenture. <br /> <br />"Principal Payment Date" means the first day of July. <br /> <br /> "Project 1991" means the real, personal, or real and personal <br />property, including undivided or other interests therein, identified in Exhibit D <br />to the Indenture, and any other such property acquired, constructed or installed <br />as a replacement or substitution therefor, or in addition thereto. <br /> <br />Indenture. <br /> <br />"Rebate Fund" means the Rebate Fund created in Section 5.14 of the <br /> <br /> "Replacement and Renewal Fund" means the Replacement and Renewal Fund <br />created in Section 5.06 of the Indenture. <br /> <br /> "Revenues" means all revenues and other income derived from all <br />services, properties and facilities of the Utility or otherwise arising out of <br />operation of the utility, whether or not nonrecurring, all as determined (except <br />as~otherwise provided in this definition) in accordance with GAAP for municipal <br />utilities consistently applied. Revenues shall not include (a) proceeds of Bonds <br />and investment earnings on the Special Funds and the Water Reserve Fund, (b) <br />proceeds of the sale of any portion of the Utility, or (c) proceeds of property <br />insurance or condemnation award. <br /> <br /> "Serial Bonds" means the Bonds of any Series issued under the <br />provisions of the Indenture and pursuant to the Bond Legislation which are stated <br />to be payable by their terms in consecutive annual installments. <br /> <br /> "Series" means the Bonds issued at any one time under the provisions <br />of Section 2.02, 2.04, 2.05 or 2.06 of the Indenture and pursuant to Bond <br />Legislation. <br /> <br /> "Series 1991 Bonds" means the Water System Mortgage Revenue Bonds, <br />Series 1991, of the Issuer issued pursuant to Section 2.02 of the Indenture. <br /> <br /> "Special Funds" means collectively the Bond Fund, Bond Reserve Fund, <br />Construction Fund, General Obligation Debt Service Fund and Renewal and <br />Replacement Fund and any other funds or accounts permitted by, established under <br />or identified in the Indenture and in the custody of the Trustee. <br /> <br />-4- <br /> <br /> <br />