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of Counsel that such agreement is an enforceable obligation of <br /> such insurance company or banking institution. <br /> The word "Project" means the additions and improvements to <br /> the System authorized and described in Section 3 of this <br /> ordinance . <br /> The words "Project Bonds" mean $8, 000, 000 of the 1992 Bonds <br /> issued for the purpose of financing part of the cost of <br /> acquisition, construction, installation and equipping of the <br /> Project . <br /> The words "Qualified Insurer" mean an insurance company <br /> licensed to conduct business in any state of the United States or <br /> a service corporation acting on behalf of one or more such <br /> insurance companies, which insurance company or service <br /> corporation is rated either Aaa by Moody' s Investors Service, <br /> Inc. , or AAA by Standard & Poor' s Corporation. <br /> The words "Refunded Bonds" mean the outstanding indebtedness <br /> of the City under the Sultan River Project Agreement as described <br /> on page 1 of Ordinance No. 536-78, and water and sewer revenue <br /> bonds of the City issued under dates of July 1, 1963, December 1, <br /> 1965, and May 1, 1969, full provision for the payment of which <br /> has heretofore been made. <br /> The words "Refunded 1988 Bonds" mean the 1988 Bonds maturing <br /> on and after July 1, 1999. <br /> The words "Refunding Bonds" mean not to exceed $36, 000, 000 <br /> of the 1992 Bonds, issued for the purpose of refunding the <br /> Refunded 1988 Bonds . <br /> 12 Fwwo03.Dcc 97/09,21 <br />