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<br /> <br />"Note Accounf' means the "2004 CWCBNote Account," established by the provisions <br />hereof for the purpose of paying the principal of and interest on the Promissory Note, induding <br />the interest accruing under the . Loan Contract prior to the accrual of interest under the <br />PromissOry Note. <br /> <br />"Ordinance" means this Ordinance which authorizes the execution of the Loan Contract <br />and the issuance of the Promissory Note, including any amendments propef1y made hereto. <br /> <br />"Operation and Maintenance Expensei' means all reasonable and necessary. current <br />expenses of the Town, paid, or accrued, for operating, maintaining, and repairing the System, <br />including without limitation legal and. overhead expenses of the Town directly related to the <br />administration of the System; provided however, that there shall be excluded'from Operatilon and <br />Maintenance Expenses any allowance or transfers for depreciation, payments in lieu of t:axes or <br />franchise fees, legal liabilities not based on contract, expenses incurred. in connection with <br />Capital Improvements, payments due in connection with any bonds or other obligations issued to <br />provide Capital Improvements, and charges for the accumulation of reserves. <br /> <br />"Parity Lien BondS' means the Town's Water Revenue Refunding Bonds, Series 2004, <br />when issued and outstanding. <br /> <br />"Parity Lien ObligationS' means one or more series of additional bonds, notes, interim <br />securities or other obligations issued by the Town having a lien on the Net Revenue whic;h is on <br />a parity with the lien of the Promissory Note. <br /> <br />"Payment Date" means the date established pursuant to the Loan Contract for the annual <br />payment of the principal of and interest on the Promissory Note, as set forth therein. ' <br /> <br />"Projecf' means the System improvements as set forth in the Loan Contract. <br /> <br />"Project Accounf' means the "2004 CWCB Note Project Account," established by the <br />provisions hereof for the purpose of paying the Project Costs. <br /> <br />"Project Costs" means the Town's costs properly attributable to the Project and <br />permissible as "Eligible Expenses" as set forth in provision B(2) of the Lo~ Contract. <br /> <br />"Promissory Note" means the Promissory Note evidencing the Town's repayment <br />obligation from the date of substantial completion of the Project, as set forth in Appendix 2 to the <br />Loan Contract. ' ' <br /> <br />"Pro Rata Portion" means the dollar amount derived by dividing the amount of principal <br />and interest to come due on the next Payment Date by the number of monthly credits required to <br />be made prior to such Payment Date, . <br /> <br />"Required Reserve Amounf' means the amount equal to an annual loan payment as <br />specified for the Required Reserve Amount under Section A(8)(d) of the Loan Contract. <br /> <br />02-178969.2 <br /> <br />3 <br />