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<br />state (1) which are (A) not callable prior to maturity or (B) as to which irrevocable instructions have <br />been given to the fiduciary for such bonds or other obligations by the obligor to give due notice of <br />redemption and to call such bonds for redemption on the date or dates specified in such instructions, <br />(2) which are fully secured as to principal, redemption premium, if any, and interest by a fund held <br />by a fiduciary consisting only of cash or Federal Securities, secured in the manner set forth in Section <br />9.01 hereof, which fund may be applied only to the payment of such principal of, redemption <br />premium, if any, and interest on such bonds or other obligations on the maturity date or dates thereof <br />or the specified redemption date or dates pursuant to such irrevocable instructions, as the case may <br />be, (3) as to which the principal of and interest on the Federal Securities, which have been deposited <br />in such fund along with any cash on deposit in such fund are sufficient to pay principal of, <br />redemption premium, if any, and interest on the bonds or other obligations on the maturity date or <br />dates thereof or on the redemption date or dates specified in the irrevocable instructions referred to <br />in clause (1) above and are not available to satisfY any other claims, including those against the <br />fiduciary holding the same, and (4) which are rated in the highest rating category (without regard to <br />gradations, such as "plus" or "minus" of such categories) oftwo of the Rating Agencies. <br /> <br />"Principal Account" shall mean the separate account in the Sinking Fund established <br />pursuant to Section 4.04(B) hereof. <br /> <br />"Project" shall mean the Series 2002 Project and any Additional Project. <br /> <br />"Rate Consultant" shall mean any accountant, engineer or consultant or firm of <br />accountants, engineers or consultants chosen by the Issuer from time to time with reputation for skill <br />and experience in reviewing and recommending rates for utility systems similar to the System. <br /> <br />"Rating Agencies" means Fitch, Moody's and Standard & Poor's. <br /> <br />"Rebate Fund" shall mean the Rebate Fund established pursuant to Section 4.04(E) hereof. <br /> <br />"Redemption Account" shall mean the separate account in the Sinking Fund established <br />pursuant to Section 4.04(B) hereof. <br /> <br />"Redemption Price" shall mean, with respect to any Bond or portion thereof, the principal <br />amount or portion thereof, plus the applicable premium, if any, payable upon redemption thereof <br />pursuant to such Bond or this Resolution. <br /> <br />"Refunded Bonds" shall mean the Issuer's Utility System Improvement Refunding Revenue <br />Bonds, Series 1994. <br /> <br />"Refunded Resolution" shall mean Resolution No. 94-795, adopted by the Issuer on <br />January 3, 1994, as supplemented, providing for the issuance of the Refunded Bonds. <br /> <br />"Refunding Securities" shall mean Federal Securities and Prerefunded Obligations. <br /> <br />10 <br />