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"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 Fund. <br /> The word "Assessments" shall also include any installments of assessments and any interest or <br /> penalties which 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 case <br /> of assessments payable in installments, Assessment Income shall be allocated to the years in which <br /> it would be received if the unpaid principal balance of each assessment roll were paid in equal <br /> principal amounts over the remaining number of installments with interest on the declining balance <br /> 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 which 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 /> "Bond Insurer" means Financial Guaranty Insurance Company, the Qualified Insurer of the <br /> municipal bond insurance policy issued with respect to the Bonds. <br /> "Bond Register" means the records maintained on behalf of the City containing the name <br /> and mailing address of each owner of the Bonds or the nominee of such owner, and such other <br /> information as the Bond Registrar shall determine. <br /> "Bond Registrar" means the fiscal agencies of the State of Washington in either Seattle, <br /> Washington, or New York, New York, for the purpose of registering and authenticating the <br /> Bonds, maintaining the Bond Register, effecting transfer of ownership of such Bonds and paying <br /> interest on and principal of(and any premiums pursuant to call on) such Bonds. <br /> "Bond Year" means each one-year period that ends on the date selected by the City. The <br /> first and last Bond years may be short periods. If no day is selected by the City before the earlier <br /> of the final maturity date of the Bonds or the date that is five years after the date of issuance of <br /> -3- FWWOBU.DOC 97/03/04 <br />