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Project cost of the Summerset North Subdivision Wall and secured, in whole or in part, by proceeds of the <br />Improvement Assessments. <br />"Outstanding Principal": the outstanding principal balance of the Obligations. For purposes of <br />determining the "Outstanding Principal," the outstanding principal balance shall be reduced by the amount of <br />any funds then held by the City for the sole purpose of reducing outstanding principal. <br />"Platted Lot": a single-family residential building lot located in the Summerset North Special <br />Assessment Area that is described on a map or plat recorded in the Seminole County Official Records. <br />"Principal Reduction Factor": the factor computed pursuant to Section 4.04(F) hereof. <br />"Project Cost": (A) the Capital Cost of the Summerset North Subdivision Wall, (B) the <br />Transaction Cost associated with the Obligations attributable to the Summerset North Subdivision Wall, (C) <br />interest accruing on such Obligations for such period of time as the City Deems appropriate, (D) the debt <br />service reserve fund or account, if any, established for the Obligations attributable to the Summerset North <br />Subdivision Wall, and (E) any other costs or expenses related hereto. <br />"Property Appraiser": the Seminole County Property Appraiser. <br />"Refunding Obligations": a series of bonds or other evidence of indebtedness including but not <br />limited to, notes, commercial paper, capital leases or any other obligations of the City issued or incurred to <br />refund all or any portion of the Original Obligations or any indebtedness issued to refinance the Original <br />Obligations. <br />"Related Service": the operation and maintenance of a Local Improvement. <br />"Subdivision Enhancement Lot": a Platted Lot within the Summerset North Assessment Area <br />that is not an Abutting Lot. <br />"Summerset North Assessment Area": the proposed Summerset North Assessment Area <br />described in Section 3.01 hereof. <br />"Summerset North Subdivision Wall": a wall abutting Red Bug <br />Lake Road along the southern boundary of the Summerset North Assessment Area. <br />Resolution No. 04-1511 <br />Page 6 of 23 <br />