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;' <br /> ir.. <br /> 03/16/2004 100,000 PWTFL Water Transmission Lines#2-3 61,500 <br /> 04/25/2005 9,500,000 PWTFL Treatment Plant Upgrade 9,500,000 <br /> 10/04/2005 100,000 PWTFL Comprehensive Water Plan 82,000 <br /> 03/03/2006 4,040,000 PWTFL Clearwell No.2 4,006,327 <br /> 12/01/2007 3,326,814 PWTFL Clearwell No.2 3,326,814 <br /> 06/25/2006 7,000,000 PWTFL Water Pollution Facility Expansion 7,000,000 <br /> Qualified Insurer, prior to the New Covenant Date, means an insurance company <br /> licensed to conduct business in any state of the United States or a service corporation acting on <br /> behalf of one or more such insurance companies, which insurance company or service <br /> corporation is rated either Aaa by Moody's, or AAA by S&P and from and after the New <br /> Covenant Date, means any non-cancelable municipal bond insurance policy or surety bond <br /> issued by any insurance company licensed to conduct an insurance business in any state of the <br /> United States (or by a service corporation acting on behalf of one or more such insurance <br /> companies) which insurance company or companies, as of the time of issuance of such policy or <br /> surety bond, are currently rated in one of the two highest Rating Categories by any Rating <br /> Agency. <br /> Qualified Letter of Credit means any irrevocable letter of credit issued by a financial <br /> institution for the account of the City on behalf of registered owners of Parity Bonds, which <br /> institution maintains an office, agency or branch in the United States and as of the time of <br /> issuance of such letter of credit, is currently rated in one of the two highest Rating Categories by <br /> any Rating Agency. <br /> Rate Covenant, from and after the New Covenant Date, means Net Revenue in each <br /> fiscal year at least equal to 125% of the amounts required in such fiscal year to be paid as <br /> scheduled debt service (principal and interest) on all Parity Bonds, subtracting from scheduled <br /> debt service the amount of ULID Assessments collected in such year. Furthermore, in <br /> determining compliance with the Rate Covenant, Net Revenues are subject to adjustment to <br /> C <br /> -15- P:120287 CMVN20287 880 03/25/09 <br />