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Annual Debt Service, prior to the New Covenant Date, means, with respect to any issue <br /> of Parity Bonds, the amount required in a given calendar year for the payment of the principal of <br /> and interest on such Parity Bonds, except interest to be paid from the proceeds of such Parity <br /> Bonds. In the event such Parity Bonds include term bonds, the words "principal of and interest <br /> on the Parity Bonds" shall be deemed to exclude from "principal" an amount of term bonds equal <br /> to the mandatory deposits of money into any sinking fund account to provide for payment of the <br /> principal of such term Bonds, and from "interest" the interest on such term Bonds subsequent to <br /> the date of the respective deposits, and to include in lieu thereof all mandatory sinking fund <br /> deposits as of the date required and interest on the term bonds provided for by such deposits only <br /> to the dates of the respective deposits, and following the New Covenant Date, means the total <br /> amount of Debt Service for any Parity Bond or series of Parity Bonds or other subordinate lien <br /> evidences of indebtedness payable from Revenue of the System in any fiscal year or Base Period. <br /> Approved Bid means the winning bid submitted for the Bonds of either series. <br /> Assessments means any assessments levied in any utility local improvement district of <br /> the City created for the acquisition or construction of additions and improvements to and <br /> extensions of the System, if such assessments are pledged to be paid into the Revenue Bond <br /> Fund. The term Assessments shall also include any installments of assessments and any interest <br /> or penalties that may be due thereon. <br /> Assessment Income means the principal of and interest on assessments levied in any <br /> utility local improvement district and pledged to be paid into the Revenue Bond Fund. In the <br /> case of assessments payable in installments, Assessment Income shall be allocated to the years in <br /> which it would be received if the unpaid principal balance of each assessment roll were paid in <br /> -4- P:\20287 CMVN20287 88O 03/25/09 <br />