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(50) "Parity Conditions" means the conditions for the issuance of Future Parity
<br />Bonds set forth in Exhibit B of this ordinance, which is incorporated by this reference.
<br />(51) "Panty Covenant Date" means the date on which the Outstanding Parity
<br />Bonds described on Exhibit A to this ordinance (namely, the outstanding portions of the City's Water
<br />& Sewer Revenue Bonds, 2013; Water & Sewer Revenue Bonds, 2015; Water & Sewer Revenue
<br />Refunding Bonds, 2016; and Water & Sewer Revenue and Refunding Bonds, 2023) are fully
<br />defeased or redeemed.
<br />(52) "Pa�^ity Requif�ement" has the meaning given in the Parity Conditions set forth
<br />in Exhibit B of this ordinance and incorporated by this reference.
<br />(53) "Permitted Investments" means any investment that, at the time of such
<br />investment, is permitted as legal investment for City funds under State law.
<br />(54) "Plan of Additions" means the system or plan of additions and improvements
<br />to and betterments and extensions of the Water & Sewer System, described under the heading
<br />Comprehensive Plans, as set forth in the Comprehensive Sewer and Surface Water Plans of the City
<br />adopted and in effect from time to time (most recently, approved in the City's Comprehensive Sewer
<br />Plan, dated December 17, 2014; and 2022 Surface Water Comprehensive Plan, dated March 30,
<br />2022. The Plan of Additions also includes, but is not limited to, the Projects.
<br />(55) "PVOojects" means those projects described in Exhibit D, or any other projects
<br />comprising a portion of the Plan of Additions. The City Council reserves the right to amend this
<br />ordinance to make such changes in or additions to the Projects (including changes to the construction
<br />or design of other facilities of the System) as may be found necessary or desirable. The Projects shall
<br />include acquisition by purchase, lease, or condemnation of all real or personal property, including
<br />any interest, right -of --way, or easement that may be found necessary to acquire, construct, install, or
<br />otherwise undertake the Projects. Incidental costs incurred in connection with carrying out and
<br />accomplishing the Projects, consistent with RCW 39.46.070, may be included as costs of the
<br />Projects.
<br />(56) "Purchaser" means a corporation, firm, association, partnership, trust, bank,
<br />financial institution, or other legal entity or group of entities selected by the Designated
<br />Representative to serve as purchaser in a private placement, to serve as underwriter in a negotiated
<br />sale, or otherwise awarded as the successful bidder in a competitive sale of any Series of the Bonds.
<br />(57) "Qualified Insurance" means any non -cancelable municipal bond insurance
<br />policy or surety bond issued by an insurance company licensed to conduct an insurance business in
<br />any state of the United States (or by a service corporation acting on behalf of one or more such
<br />insurance companies) which issuer, as of the time of issuance of such policy or surety bond, is rated
<br />in one of the two highest rating categories by any Rating Agency (e.g., Aaa or Aa), without regard to
<br />gradation within a category.
<br />(58) "Qualified Reserve Security" means any Qualified Insurance or other Credit
<br />Facility (which may be in the form of reserve insurance, reserve surety, collateral, security, letter of
<br />credit, guaranty, surety bond, or similar credit enhancement device) providing for or securing the
<br />payment of all or part of the principal of and interest on Parity Bonds, issued by an institution which
<br />has been assigned a credit rating by a Rating Agency, at the time that such Reserve Security is
<br />obtained by the City, in one of the two highest rating categories (e.g., Aaa or Aa), without regard to
<br />gradations within those categories.
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