02-1381 Authorizing Issuance of Utility Revenue Bonds

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"Debt Service" shall mean, at any time, the aggregate amount in the then applicable period of time of (1) interest required to be paid on the Outstanding Bonds during such period of time, except to the extent that such interest is to be paid from deposits in the Interest Account made from Bond proceeds, (2) principal of Outstanding Serial Bonds maturing in such period of time, and (3) the Sinking Fund Installments herein designated with respect to such period of time. For purposes of this definition, (A) all amounts payable on a Capital Appreciation Bond shall be considered a principal payment in the year it becomes due, (B) with respect to debt service on any Bonds which are subject to a Qualified Hedge Agreement, interest on such Bonds during the term of such Qualified Hedge Agreement shall be deemed to be the Hedge Payments coming due during such period of time, (C) if any Series of Bonds has 25% or more of the aggregate principal amount of such Series coming due in anyone year, Debt Service shall be determined on such Series during such period of time as if the principal of and interest on such Series were being paid from the date of incurrence thereof in substantially equal annual amounts over a period of 25 years from the date of calculation, and (D) the amount on deposit in the Reserve Account (or any subaccount thereof) on any date of calculation of Debt Service shall be deducted from the amount of principal due at the final maturity of the Bonds which are secured by such Reserve Account (or subaccount thereof) and in each preceding year until such amount is exhausted. For purposes of Section 5.04 hereof, clause (C) above shall be applicable only in a Fiscal Year in which principal on a Series of Bonds described in such clause (C) comes due. "Escrow Deposit Agreement" shall mean the Escrow Deposit Agreement between the Issuer and an escrow agent selected by the Issuer pursuant to Supplemental Resolution relating to the payment of the Refunded Bonds. "Federal Securities" shall mean obligations described in paragraph (1) of the definition of "Authorized Investments". "Federal Securities" shall also include direct obligations of the United States Treasury, CATS, STRPS, Refcorp interest strips and TIGRS; provided such obligations do not permit redemption prior to maturity at the option of the obligor. "Fiscal Year" shall mean the period commencing on October I of each year and continuing through the next succeeding September 30, or such other period as may be prescribed by law. "Fitch" shall mean Fitch, Inc. and any assigns and successors thereto. "Gross Revenues" shall mean all income and earnings, including Connection Charges, received by the Issuer or accrued to the Issuer from the ownership, use or operation ofthe System and all parts thereof, including investment income, if any, eamed on any fund or account created pursuant to this Resolution and on any fund or account established by the Issuer for the System, except the Rebate Fund and the Construction Fund, all as calculated in accordance with generally accepted accounting principles, but "Gross Revenues" shall not include proceeds from the sale or other disposition of the System or any part thereof, condemnation awards or proceeds of insurance received with respect to the System. Notwithstanding the foregoing, "Gross Revenues" shall not include Contributions in Aid of Construction or impact or system development charges. However, 7