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the 1993 Bonds, maintaining the Bond Register, effecting transfer of ownership of such Bonds <br /> and paying 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 period. If no day is selected by the City before the earlier <br /> of the final maturity date of the 1993 Bonds or the date that is five years after the date of issuance <br /> of the 1993 Bonds, Bond Years end on each anniversary of the date of issue and on the final <br /> maturity date of the Bonds. <br /> The words "1993 Bonds" or "Bonds" mean the not to exceed $34,000,000 City of <br /> Everett, Washington, Water and Sewer Revenue Refunding Bonds, Series 1993 authorized by this <br /> ordinance. <br /> The word "City" means the City of Everett, Washington, a municipal corporation duly <br /> organized and existing under and by virtue of the laws of the State of Washington. <br /> "Computation Date" means the date selected by the City to make arbitrage rebate <br /> computations. <br /> "Computation Period" means that period between Computation Dates. <br /> The words "Costs of Maintenance and Operation" mean all necessary operating expenses, <br /> current maintenance expenses, expenses of reasonable upkeep and repairs, and insurance and <br /> administrative expense with respect to the System, but excludes depreciation, payments for debt <br /> service or into reserve accounts, costs of capital additions to or replacements of the System, <br /> municipal taxes, or payments to the City in lieu of taxes. <br /> The word "Council" means the general legislative body of the City as the same shall be <br /> duly and regularly constituted from time to time. <br /> The words "Coverage Requirement" mean (a) for any period during which Assessments <br /> may be paid without becoming delinquent, the sum of(i) the product of Maximum Annual Debt <br /> Service on all Parity Bonds then outstanding times a fraction, the numerator of which is the <br /> aggregate principal amount of nondelinquent Assessments which remain to be paid into the <br /> -4- FWW04E.DOc 93/1orze <br />