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"Pre- Issuance Accrued Interest" means interest on an obligation that accrued for a period <br />not greater than one year before its Issuance Date and that will be paid within one year after such <br />Issuance Date. <br />"Preliminary Expenditures" means any Capital Expenditures that are preliminary <br />expenditures, within the meaning of Regulations § 1.150- 2(f)(2) or former Regulations § 1.103 - <br />18(i)(2), as applicable, i.e., architectural, engineering, surveying, soil testing, reimbursement <br />bond issuance, and similar costs that are incurred prior to commencement of acquisition, <br />construction, or rehabilitation of a project other than land acquisition, site preparation, and <br />similar costs incident to commencement of construction. The amount of Preliminary <br />Expenditures may not exceed 20% of the aggregate issue price of the series of obligations that <br />financed or is reasonably expected to finance the project for which the preliminary expenditures <br />are or were incurred. <br />"Prior Issue" means a series of obligations of obligations all or a portion of the Debt <br />Service on which is paid or provided for with Proceeds of the Issue which is a Refunding Issue. <br />The Prior Issue may be a Refunding Issue. <br />"Private Activity Bond" means (a) obligations of a series of obligations more than 5% of <br />the Proceeds of which are or are to be used for a Private Business Use and more than 5% of the <br />Debt Service on which is or is to be paid from or secured by payments with respect to property, <br />or secured by property, used for a Private Business Use, or (b) obligations of a series of <br />obligations 5% or more of the Proceeds of which are or are to be used to make or finance loans <br />to any Private Person. <br />"Private Business Use" means use (directly or indirectly) in a trade or business carried <br />on by any Private Person other than use as a member of, and on the same basis as, the general <br />public. Any activity carried on by a Private Person (other than a natural person) shall be treated <br />as a trade or business. In the case of a Qualified 501(c)(3) Bond, Private Business Use excludes <br />use by a 501(c)(3) Organization that is not an unrelated trade or business activity by such <br />501(c)(3) Organization within the meaning of Section 513(a). <br />"Private Person" means any natural person or any artificial person, including a <br />corporation, partnership, trust or other entity, that is not a Governmental Unit and that is not <br />acting solely and directly as an officer or employee of or on behalf of the City or another <br />Governmental Unit. "Private Person" includes the United States and any agency or <br />instrumentality of the United States. <br />"Private Security or Payments" means (i) any interest in property used or to be used for <br />Private Business Use, or in payments in respect of such property, that directly or indirectly <br />secures any payment of principal of, or interest on, a series of obligations, or (ii) payments <br />(whether or not to the City) in respect of property, or borrower money, used or to be used for a <br />Private Business Use from which payments of principal of, or interest on, a series of obligations <br />are directly or indirectly derived, all as determined and measured in accordance with Treasury <br />Regulations § 1.141 -4. <br />A-4 <br />