18-3037 Drinking Water State Revolving Fund Planning Loan Agreement

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(6) "Gross Revenues" shall mean all income or earnings received by the Project Sponsor from the ownership or operation of its Water and Sewer Systems, including investment income, all as calculated in accordance with generally accepted accounting principles. Gross Revenues shall not include proceeds from the sale or other disposition of any part of the Water or Sewer System, condemnation awards or proceeds of insurance, except use and occupancy or business interruption insurance, received with respect to the Water or Sewer System. (7) "Loan" shall mean the amount of money to be loaned pursuant to this Agreement and subsequent amendments. (8) "Loan Application" shall mean the completed form which provides all information required to support obtaining loan financial assistance from the Department. (9) "Loan Debt Service Account" shall mean an account, or a separately identified component of a pooled cash or liquid account, with a Depository established by the Project Sponsor for the purpose of accumulating Monthly Loan Deposits and making Semiannual Loan Payments. (10) "Loan Service Fee" shall mean an origination fee which shall be paid to the Department by the Project Sponsor. (11) "Local Governmental Entity" means a county, municipality, or special district. (12) "Monthly Loan Deposit" shall mean the monthly deposit to be made by the Project Sponsor to the Loan Debt Service Account. (13) "Operation and Maintenance Expense" shall mean the costs of operating and maintaining the Water and Sewer Systems determined pursuant to generally accepted accounting principles, exclusive of interest on any debt payable from Gross Revenues, depreciation, and any other items not requiring the expenditure of cash. (14) "Parity Debt" shall mean any debt obligations issued that are on an equal commercial lien position with this Loan. (15) "Planning Activities" shall mean the planning or administrative work necessary for the Project Sponsor to qualify for Drinking Water State Revolving Fund financing for construction of drinking water facilities. (16) "Pledged Revenues" shall mean the specific revenues pledged as security for repayment of the Loan and shall be the Gross Revenues derived yearly from the operation of the Water and Sewer Systems after payment of the Operation and Maintenance Expense and the satisfaction of all yearly payment obligations on account of the Senior Revenue Debt and any senior or parity obligations issued pursuant to Section 7.02 of this Agreement. (17) "Project" shall mean water meter replacements planned through this Agreement. (18) "Semiannual Loan Payment" shall mean the payment due from the Project Sponsor to the Department at six-month intervals. 2