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Accreted Value means (1) with respect to any Capital Appreciation Bonds, as of any date <br /> of calculation, the sum of the amount set forth in the ordinance authorizing their issuance as the <br /> amount representing the initial principal amount of such Capital Appreciation Bonds plus the <br /> interest accumulated, compounded and unpaid thereon as of the most recent compounding date, <br /> or (2) with respect to Original Issue Discount Bonds, as of the date of calculation, the amount <br /> representing the initial public offering price of such Original Issue Discount Bonds plus the <br /> amount of discounted principal that has accreted since the date of issue. In each case, the <br /> Accreted Value shall be determined in accordance with the provisions of the ordinance <br /> authorizing the issuance of such Balloon Maturity Bonds. <br /> 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. <br /> -3- P:\20287 CMW\20287 960 02/07/11 <br />