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and charges for the availability of the use of District Facilities remain stable on an annual basis, <br /> with funds in the Rate Stabilization Account to be available to meet the 125% of Annual Debt <br /> Service coverage test in lieu of increases in rates, fees, tolls and charges. Available funds in the <br /> Rate Stabilization Account shall not be greater than 25% of Annual Debt Service for the <br /> purposes of the coverage test, set forth in Section 11 of this Resolution. <br /> "Recurring Revenue" means income received in the calendar year from the operation of <br /> the District Facilities, including rates, fees, tolls and charges for the availability of and use of <br /> District Facilities, interest income and other operating income, but excludes any once a year <br /> collection such as Capacity Fees. <br /> "Revenue Bond Fund" means the special fund created by the District in this Resolution, <br /> and in Resolution No. 05-106 and in Resolution No. 12-137 into which there shall be deposited <br /> Net Revenue sufficient to pay Debt Service Payments on the Outstanding Obligations. <br /> "Security Agreements" mean the security agreements attached to the Loan Contracts as <br /> Appendices 4 which pursuant to Section 11-57-208, Colorado Revised Statutes are not required for <br /> the creation, perfection, enforcement, and priority of the Pledged Revenues and shall not provide <br /> a priority status to the Loan Contracts over any other Outstanding Obligations. <br /> "Subordinate Lien Bonds" means bonds, notes, certificates or other obligations issued in <br /> accordance with Section 11 of this Resolution, payable in whole or in part from the Revenue <br /> Bond Fund and having a lien, which is subordinate to the lien of the Outstanding Obligations and <br /> any Parity Lien Bonds. <br /> Section 6. That for the purpose of paying the interest on the Outstanding Obligations, <br /> including the Loan Contracts, repayment obligations with respect to any reserve fund or reserve <br /> fund policy, and providing for the payment of principal and redemption premium of the <br /> Outstanding Obligations, including the Loan Contracts, the District covenants and agrees to <br /> establish, maintain, and enforce a schedule of rates, fees, tolls, and charges for the availability of <br /> and use of District Facilities, (i) at such a level that Recurring Revenues shall be sufficient to pay <br /> annual Operation and Maintenance Expenses and to pay 100% of Annual Debt Service on the <br /> Outstanding Obligations, including the Loan Contracts, and (ii) at such a level that Recurring <br /> Revenues and Capacity Fees after payment of Operation and Maintenance Expenses and any <br /> amounts needed to restore any reserve fund to the applicable reserve fund requirement when <br /> combined with the Rate Stabilization Account shall be in an amount equal to 125% of Annual <br /> Debt Service. <br /> Section 7. That Net Revenue is hereby pledged to the payment of all Outstanding <br /> Obligations (other than General Obligation Bonds) including the Loan Contracts. Net Revenue <br /> shall be deposited and held by the District in a special fund defined as the Revenue Bond Fund <br /> and prior to any interest, principal or premium date on the Outstanding Obligations shall be <br /> deposited in the Series 2005 Principal, Premium, and Interest Fund established by the <br /> Registration and Paying Agent Agreement in Resolution No. 05-106, not less than the days set <br /> forth therein, in the Series 2008 Principal, Premium, and Interest Fund established by the <br /> -7- <br />