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equal principal amounts over the remaining number of installments with interest on the declining <br /> balance at the times and at the rate provided in the ordinance confirming the assessment roll. <br /> Average Annual Debt Service means, with respect to any issue of Parity Bonds, the <br /> average amount of Annual Debt Service that will become due on such Parity Bonds for the <br /> period from the date of such calculation until the final maturity date of such Parity Bonds then <br /> outstanding. <br /> Balloon Maturity Bonds means any evidences of indebtedness of the City payable from <br /> Revenue of the System that are so designated in the ordinance pursuant to which such <br /> indebtedness is incurred. <br /> Base Period means any consecutive 12-month period selected by the City out of the <br /> 36-month period next preceding the date of issuance of an additional series of Future Parity <br /> Bonds. <br /> Beneficial Owner means any person that has or shares the power, directly or indirectly, <br /> to make investment decisions concerning ownership of any Bonds (including persons holding <br /> Bonds through nominees, depositories or other intermediaries). <br /> Bond Insurance Policy means the municipal bond insurance policy, if any, issued by the <br /> Insurer insuring the payment when due of the principal of and interest on the Bonds as provided <br /> therein. <br /> Bonds mean the City of Everett, Washington, Water and Sewer Revenue and Refunding <br /> Bonds, 2009[A][B] authorized herein and shall include the Improvement Bonds and the <br /> Refunding Bonds. <br /> -5- P:120287 CMM20287 880 03/25/09 <br />