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<br /> <br />against all persons having claims of any kind in tort, contract, or otherwise against the District <br />irrespective of whether such persons have notice of such liens. <br />F or purposes of this resolution and the Loan Agreement, "Pledged Revenue" shall <br />mean the Gross Income of the District after deducting Operation and Maintenance Expenses.. "Gross <br />Income" shall mean all gross income and revenue derived by the District from the operation of the <br />System, or any part thereof, whether resulting from improvements, extensions, enlargements, repairs <br />or betterments to the System, or otherwise, and including availability of service charges and all gross <br />income and revenue received by the District from the System and from the sale and use of water <br />service and facilities, or any combination thereof, by means of the System owned and operak~d by the <br />District as the same may at any time exist to serve customers outside the District's boundaries as <br />well as customers within the District's boundaries. "Operation and Maintenance Expenses" shall <br />mean all reasonable and necessary current expenses of the District, paid or accrued, of operating, <br />maintaining and repairing the System, and shall and shall include, without limiting the generality of <br />the foregoing, legal and overhead expenses of the District directly related and reasonably allocable to <br />the administration of the System, insurance premiums, the reasonable charges of depositary banks <br />and paying agents, contractual services, professional services required by any resolution or <br />agreement authorizing debt of the District, salaries and administrative expenses, labor, and the cost <br />of materials and supplies used for current operation, but not including depreciation, legallliabilities <br />incurred by the District as the result of its negligence in the operation of the System or othc;:r ground <br />of legal liability not based on contract, improvements, extensions, enlargements or betterments, or <br />any charges for the accumulation of reserves or required to be rebated to the United States of <br />America pursuant to the Tax Code. "System" shall mean all of the District's water facilities now <br />owned or hereafter acquired, whether situated within or without the boundaries of the Borrower. <br />Section 6. Limitation of Actions. Pursuant to Section 11-57-212 of the <br />Supplemental Act, no legal or equitable action brought with respect to any legislative acts or <br />proceedings in connection with the Financing Documents shall be commenced more than thirty days <br />after the issuance of the Promissory Note. <br /> <br />-4- <br /> <br />Appendix 3to Loan Contract C150122 <br />Page 4 of 9 <br />