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APPENDIX 3 "Charter"means the home rule Charter of the Town. "C.R.S" means the Colorado Revised Statutes, as amended and supplemented as of the date hereof. "CWCB" means the Department of Natural Resources, Colorado Water Conservation Board. "Event of Default" means any one or more of the events set forth in the Section hereof entitled"Events of Default and Remedies." "Gross Revenue" means all income and revenues directly or indirectly derived by the Town from the operation and use of the System, or any part thereof, including without limitation, any rates, fees (including without limitation plant investment fees and availability fees) and charges for the services furnished by, or the use of,the System, and all income attributable to any past or future dispositions of property or rights, or related contracts, settlements, or judgments held or obtained in connection with the System or its operations, and including investment income accruing from such moneys; provided however, that there shall be excluded from Gross Revenue: ad valorem property tax revenues granted to the Water Enterprise; any moneys borrowed and used for providing Capital Improvements; 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; and 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. Notwithstanding anything contained above, amounts deposited in a rate stabilization account, if established, shall not be deemed Gross Revenue in the calendar year deposited and amounts withdrawn from the rate stabilization account shall be deemed Gross Revenue in the year withdrawn. "Loan Contract" means the contract, designated Loan Contract No. C150340, 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. "Note Account" means the "2013 CWCB Note Account," established by the provisions hereof for the purpose of paying the principal of and interest on the Promissory Note, including the interest accruing under the Loan Contract prior to the accrual of interest under the Promissory Note. "Operation and Maintenance Expenses" means all reasonable and necessary current expenses of the Town, paid or accrued, for operating, maintaining and repairing the System, including without limitation legal and overhead expenses of the Town directly related to the administration of the System, insurance premiums, audits, professional services, salaries and administrative expenses, labor and the cost of materials and supplies for current operation; 4810-9135-2836.2 3