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1.05. "Excluded Facilities" means water and sewer plants <br />and systems which may be established by the city in territory which <br />is not in any service area now or hereafter served by the System or <br />by facilities acquired with Bond proceeds or Parity Bond proceeds, <br />all as provided in Subsection 10.09 hereof. <br />1.06. "Expenses of operation and maintenance" means <br />all expenses reasonably incurred in connection with the opera- <br />tion and maintenance of the system involved, including repairs and <br />renewals (other than capital improvements) necessary to keep such <br />system in efficient operating condition, payments to others for <br />the purchase of water, if any, and for the treatment and disposal <br />of sewage, the cost of audits hereinafter required, paying agent's <br />and bond registrar's fees, payment of premiums for insurance required <br />by this resolution and, generally, all expenses, exclusive of <br />depreciation, which under generally accepted municipal utility <br />accounting practices are properly allocable to operation and main- <br />tenance; however, cnly such expenses as are reasonably and properly <br />necessary to the efficient operation and maintenance of the pertinent <br />system shall be included. <br />1.07. "Fiscal Year" means the 12 -month period used <br />by the city for its general accounting purposes as the same may <br />be changed from time to time, said fiscal year currently extending <br />from October 1 to September 30. <br />-4- <br />