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Parity Bonds means the Outstanding Parity Bonds, the Bonds and any water and sewer <br /> revenue bonds, warrants or other obligations that the City may hereafter issue having a lien upon <br /> the Revenue of the System for the payment of the principal thereof and interest thereon equal to <br /> the lien upon the Revenue of the System of the Outstanding Parity Bonds and the Bonds. <br /> Policy means the municipal bond insurance policy delivered by the Insurer at the time of <br /> issuance and delivery of Bonds, insuring the payment when due of the principal of and interest <br /> on the Bonds as provided therein. <br /> Previously Refunded Bonds means the outstanding indebtedness of the City under the <br /> Sultan River Project Agreement as described on page 1 of Ordinance No. 536-78, and water and <br /> sewer revenue bonds of the City issued under the date of December 1, 1965, full provision for <br /> the payment of which has heretofore been made. <br /> Private Person means any natural person engaged in a trade or business or any trust, <br /> estate, partnership, association, company or corporation. <br /> Private Person Use means the use of property in a trade or business by a Private Person <br /> if such use is other than as a member of the general public. Private Person Use includes <br /> ownership of the property by the Private Person as well as other arrangements that transfer to the <br /> Private Person the actual or beneficial use of the property (such as a lease, management or <br /> incentive payment contract or other special arrangement) in such a manner as to set the Private <br /> Person apart from the general public. Use of property as a member of the general public includes <br /> attendance by the Private Person at municipal meetings or business rental of property to the <br /> Private Person on a day-to-day basis if the rental paid by such Private Person is the same as the <br /> rental paid by any Private Person who desires to rent the property. Use of property by nonprofit <br /> community groups or community recreational groups is not treated as Private Person Use if such <br /> -7-- P\CMW\CMW5BE 02/05/21 <br />