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THEREFORE, BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE TOWN OF KREMNlLING, COLORADO: Section 1. Definitions. As used herein, the following capitalized terms shall have the respective meanings set forth below, unless the context indicates otherwise. "Acts' means the Supplemental Public Securities Act and the Water Activity Law. "Board' means the Board of Trustees of the l' own of Kremmling acting as the governing body of the Water Activity Enterprise; "Capital Improvements" means the acquisition of land, water or water rights, easements, facilities, and equipment (other than ordinary repairs and replacements), and the construction or reconstruction of improvements, betterments, and extensions, for use by or in COnnection with the System which, under Generally Accepted Accounting Principles for governmental units as prescribed by the Governmental Accounting Standards Board, are properly chargeable as capital items. . . "C.R.S." means the Colorado Revised Statutes, as amended and supplemented as of the date hereof. "cweR" means the Department of Natural Resources, Colorado Water Conservation Board. "Event of Default' means any oriedr more of the events set forth in the Section hereof entitled "Events of Default." "Gross Revenue" means all fees, including but not limited to user fees and plant investment fees, charges and revenues directly or indirectly derived by the Town for the slervices furnished by, or use of, the System, or any part thereof, including all income attributable to any future dispositions of property or rights or related contracts, settlements, or judgments held or obtained in connection with the System or its operations; provided however, that there shall be excluded from. Gross Revenue (a) moneys borrowed and used for providing 'capital Improvements; (b) any money and securities, and investment income therefrom, in any refunding. fund, escrow account,. or similar account pledged to the payment of any bonds or other obligations for the purpose of defeasing the same; and (c) any moneys received as grants or appropriations from the United States,.the State of Colorado,. or other sources, the use of which is limited or restricted by the grantor or donor to the provision of Capital Improvements or for other purposes resulting in the general unavailability thereof, except to the extent any such moneys shall be received as payments for the use of the System, services rendered thereby, the availability of any such service, or the disposal of any commodities therefrom. - "Loan Contract' means the contract, designated Loan Contract No. C150126, made July 1, 2004, as may be amended from time to time, by and between the State for the use and benefit of the CWCB and the Town. "Net Revenue" means the Gross Revenue after deducting the Operation and Maintenance Expenses. ' . 02-178969,2 2