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• • <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 /> For 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 operated 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,legal liabilities <br /> incurred by the District as the result of its negligence in the operation of the System or other 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 tte bo c: • of the Borrower. <br /> Section 6. Limitation of Actions. Purs • to 2 of the <br /> Supplemental Act, no legal or equitable action brought wi e: . ve acts or <br /> proceedings in connection with the Financing Documents shall be c• t I 7 '• days <br /> after the issuance of the Promissory Note. <br /> -4- <br /> Appendix 3 to Loan Contract C150122 <br /> Page 4 of 9 <br />