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1.08. "Net revenues" means the revenues of a system <br />after payment therefrom of the expenses of operation and mainten— <br />ance. "Qualifying Net Revenues" means net revenues as defined <br />above, adjusted by subtracting the total amount of stabilization <br />charges, connection charges and tapping fees which may have been <br />included in determining the revenues involved. <br />1.09. "Outstanding" when applied to the Bonds herein <br />authorized, Parity Bonds or any other obligations, refers to all <br />obligations of the class concerned which shall have been issued <br />and delivered with the exception of (a) obligations in lieu of <br />which other obligations have been issued under agreement to replace <br />lost, mutilated or destroyed obligations, and (b) obligations for <br />the payment of which provision has been made as prescribed by <br />Subsection 1.13 hereof. _ .- <br />1.10. "Parity Bonds" means obligations ranking on a <br />parity with the Bonds herein authorized under Section 9 hereof. <br />loll. "Permitted investments" means direct obligations <br />of the United States of America., obligations unconditionally <br />guaranteed by the United States of America and, to the extent from <br />time to time permitted by law, certificates of deposit in a state <br />or national bank having aggregate capital and surplus not less than <br />$1,500,0009 if and to the extent that such deposits are fully <br />secured by direct obligations of the United States of America or by <br />-5- <br />