CT2016-2056 Contract - Laserfiche WebLink

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"Capacity Fees" means amounts received by the District from other political subdivisions for their license to use capacity in District Facilities which amounts are presently accounted for as capital contributions pursuant to GASB 34 in the calendar year received. "Debt Service Payments" means payments from Net Revenue sufficient to pay in each calendar year principal, premium, if any, and interest on the Outstanding Obligations. "District Facilities" means the water and sewer system of the District. "General Obligation Bonds" means bonds or other obligations constituting the debt or indebtedness of the District backed by the full faith and credit and unlimited mill levy of the District. "Gross Revenue" means all income and revenue directly or indirectly derived by the District from the District Facilities, including Recurring Revenue and although accounted for as capital contributions pursuant to GASB 34 and not recorded as revenue, Capacity Fees, but excludes income from the sale of property. "Maximum Annual Debt Service" means the maximum amount of Annual Debt Service that will become due in any one year. "Net Revenue" means Gross Revenue after deducting Operation and Maintenance Expenses. "Operation and Maintenance Expenses" means all the costs and expenses of the efficient and economical operation of the District Facilities, including necessary and reasonable operating reserves and maintenance reserves as determined from time to time by the Board of Directors of the District and excluding depreciation. "Outstanding Obligations" means the District's Water and Sewer Revenue Refunding Bonds, Series 2005, the District's Water and Sewer Revenue Refunding Bonds, Series 2008, the Series 2012 Notes, the Loan Contracts and any existing or future obligations payable from Net Revenues, Parity Lien Bonds, and General Obligation Bonds but does not include Subordinate Lien Bonds. "Parity Lien Bonds" means bonds, notes, certificates or other obligations issued in accordance with Section 11 of this Resolution, payable in whole or in part from the Revenue Bond Fund and having a lien thereon on a parity with the Outstanding Obligations. "Pledged Revenues" means Gross Revenue after deducting Operation and Maintenance Expenses as described in the Loan Contracts also referred to herein as Net Revenue. "Rate Stabilization Account" means the special account created by the District to be funded by restricting available funds of the District, in accordance with the terms of such Section 10 of this Resolution. The Rate Stabilization Account is necessary to ensure that rates, fees, tolls -6-