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• • <br /> replacement of the System, and the proceeds or any sale, conveyance, or exchange <br /> of the System in excess of that applied to replace the System sold or exchanged. <br /> Gross Revenue: (a) all revenues, income, rents and receipts earned <br /> by the District from or attributable to the ownership and operation of the System, <br /> (b)the proceeds of any insurance covering business interruption loss relating to the <br /> System, and (c) interest earned on any moneys or investments which are required <br /> to be paid into any fund or account pledged to the payment of the Loan or any of <br /> the Existing Parity Obligations. <br /> Operation and Maintenance Expenses: the annual necessary and <br /> proper costs and expenses of the efficient and economical operation and <br /> maintenance of the System unless such costs have been provided for from other <br /> funds, excluding, however, as an item of expense, any allowance for depreciation <br /> or amounts for the payment of principal and interest on revenue obligations. <br /> Parity Obligation: a bond, note, or other obligation issued by the <br /> District, having a lien on the Net Revenue which is on a parity with the lien of the <br /> Existing Parity Obligations. The Loan constitutes a Parity Obligation. <br /> Pledged Revenues: the amount of the Net Revenue which is <br /> properly allocable to the payment of the amounts due under the Financing <br /> Documents. <br /> System: the property and facilities comprising the water and <br /> sanitary sewer systems of the District, including real and personal property and any <br /> easements, and also any and all additions and betterments thereto and <br /> improvements and extensions hereafter constructed or acquired by the District and <br /> used in connection with the water and sanitary sewer facilities of the District. <br /> Water Enterprise Fund: a fund maintained by the District into which <br /> all Gross Revenue will be credited. <br /> Section 5. Water Enterprise Fund. The District shall credit to the Water <br /> Enterprise Fund all Gross Revenue immediately upon receipt. The District shall pay from the <br /> Water Enterprise Fund all Operation and Maintenance Expenses as they become due and payable. <br /> After such payment or the allocation of Gross Revenue to such payment, the District shall apply <br /> the Net Revenue to the payment of its obligations under the Loan and the Existing Parity <br /> Obligations as required by the Financing Documents and the documents pursuant to which the <br /> Existing Parity Obligations were issued. <br /> Section 6. Parity Declaration. It is hereby found and determined that: (1) <br /> under the documents pursuant to which the 2002 CWRPDA Loan and the 2005 CWRPDA Loan <br /> were incurred, the District has made the certifications necessary to incur the Loan as a Parity <br /> Obligation; and(2)pursuant to that certain Consent of Wells Fargo dated July 22,2014,the owner <br /> - 4 - <br />