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bond debt service; (vii) payments under bond insurance or any other credit enhancement policy or <br />device; (viii) insurance or condemnation proceeds used for the replacement of capital projects or <br />equipment; and (ix) unless declined by a written election by the City's Designated Representative, <br />any federal subsidy legally available to pay the principal of or interest on Parity Bonds. For purposes <br />of determining compliance with the Rate Covenant, amounts withdrawn from the Coverage <br />Stabilization Account shall increase the Gross Revenue for the period in which they are withdrawn, <br />and amounts deposited in the Coverage Stabilization Account shall reduce Revenue for the period <br />during which they are deposited. Credits to or from the Coverage Stabilization Account that occur <br />within 90 days after the end of a fiscal year may be treated as occurring within such fiscal year. If the <br />City creates a Separate Utility System in accordance with Section 18 of this ordinance, revenue from <br />such Separate Utility System shall be excluded from Gross Revenue. <br />(3 8) "Independent Consultant" means a professional, independent consultant <br />experienced with municipal utilities of comparable size and character to the Water & Sewer System <br />and in such areas as are relevant to the purpose for which he or she is being retained. Such a <br />consultant shall be deemed independent if he or she is not an employee or officer of the City. <br />(39) "Issue Date" means, with respect to a Bond, the date of initial issuance and <br />delivery of that Bond to the Purchaser in exchange for the purchase price of that Bond. <br />(40) "Letter of Representations" means the Blanket Issuer Letter of <br />Representations between the City and DTC on file with DTC, and any successor or substitute letter <br />relating to the operational procedures of the Securities Depository. <br />(41) "Maximum Annual Debt Service" means, as of the date of calculation, the <br />highest amount of Annual Debt Service that will come due in any fiscal year or Base Period for all <br />outstanding Parity Bonds and, if required by context, for all Subordinate Debt. <br />(42) "MSRB" means the Municipal Securities Rulemaking Board. <br />(43) "Municipal Advisor" means PFM Financial Advisors LLC, or any other <br />Municipal Advisor then appointed and acting as financial advisor to the City. <br />(44) "Net Revenue" means Gross Revenue, less Costs of Maintenance and <br />Operation. <br />(45) "Official Statement" means an offering document, disclosure document, <br />private placement memorandum or substantially similar disclosure document provided to purchasers <br />and potential purchasers in connection with the initial offering of a Series of the Bonds in <br />conformance with Rule 15c242 or other applicable regulations of the SEC. <br />(46) "Outstanding Parity Bonds" means those Parity Bonds that are outstanding at <br />a given time. As of the date of this ordinance, the Outstanding Parity Bonds are identified. in <br />Exhibit A. <br />(47) "Owner" means, without distinction, the Registered Owner and the Beneficial <br />Owner of a Bond or of a Parity Bond, depending on context. <br />(48) "Parity Bond Authorizing Ordinance" means any ordinance authorizing the <br />issuance of one or more series of Parity Bonds, including the ordinances identified in Exhibit A, this <br />ordinance, and any Future Parity Bond Authorizing Ordinance. <br />(49) "Parity Bonds" means the Outstanding Bonds, the Bonds, and any Future <br />Parity Bonds that may be issued in accordance with the Parity Conditions. <br />7 <br />