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"Event of Default"means any one or more of the events set forth in the Section hereof entitled"Events of <br /> Default and Remedies." <br /> "Future Parity Obligations" means one or more series of additional bonds, notes, interim securities or <br /> other obligations issued by the City having alien on the Net Revenue which is on a parity with the lien of the <br /> Promissory Note. <br /> "Gross Revenue"means all fees(including but not limited to user fees and plant investment fees),charges <br /> and revenues directly or indirectly derived by the City for the services furnished by,or use of,the System,or any <br /> part thereof,including all income attributable to any future dispositions of property or rights or related contracts, <br /> settlements, or judgments held or obtained in connection with the System or its operations; provided however, <br /> that there shall be excluded from Gross Revenue (a) moneys borrowed and used for providing Capital <br /> Improvements; (b)any money and securities, and investment income therefrom, in any refunding fund, escrow <br /> account,or similar account pledged to the payment of any bonds or other obligations for the purpose of defeasing <br /> the same;and(c)any moneys received as grants or appropriations from the United States,the State of Colorado, <br /> or other sources, the use of which is limited or restricted by the grantor or donor to the provision of Capital <br /> Improvements or for other purposes resulting in the general unavailability thereof, except to the extent any such <br /> moneys shall be received as payments for the use of the System,services rendered thereby,the availability of any <br /> such service,or the disposal of any commodities therefrom. <br /> "Loan Contract' means the contract, designated Contract No. CT2016-2003, as may be amended from <br /> time to time,by and between the State for the use and benefit of the CWCB and the City. <br /> "Net Revenue"means Gross Revenue after deducting Operation and Maintenance Expenses. <br /> "Note Account' means the "2016 CWCB Note Account," established by the provisions hereof for the <br /> purpose of paying the principal of and interest on the Promissory Note,including the interest accruing under the <br /> Loan Contract prior to the accrual of interest under the Promissory Note. <br /> "Operation and Maintenance Expenses"means all reasonable and necessary current expenses of the City, <br /> paid or accrued, for operating, maintaining, and repairing the System, including without limitation legal and <br /> overhead expenses of the City directly related to the administration of the System;provided however,that there <br /> shall be excluded from Operation and Maintenance Expenses any allowance or transfers for depreciation, <br /> payments in lieu of taxes or franchise fees,legal liabilities not based on contract,expenses incurred in connection <br /> with Capital Improvements, payments due in connection with any bonds or other obligations issued to provide <br /> Capital Improvements,and charges for the accumulation of reserves. <br /> "Ordinance"means this Ordinance which authorizes the execution of the Loan Contract and the issuance <br /> of the Promissory Note,including any amendments properly made hereto. <br /> "Parity Lien Obligations"means the respective loans identified in the preamble to this Ordinance as the <br /> Parity Lien Obligations which are currently outstanding and have a lien on the Net Revenue which is on a parity <br /> with the lien of the Promissory Note. <br /> "Payment Date"means the date established pursuant to the Loan Contract for the annual payment of the <br /> principal of and interest on the Promissory Note,as set forth therein. <br /> "Project"means the System improvements identified in the Loan Contract,which generally consist of the <br /> repurposing of Wells 12 and 13 to convert the two existing potable well for non-potable municipal irrigation use <br /> and constructing a pipeline connection, and such other improvements as may be later approved by the City <br /> Council. <br /> "Project Account'means the"2016 CWCB Note Project Account,"established by the provisions hereof <br /> for the purpose of paying the Project Costs. <br /> "Project Costs"means the City's costs properly attributable to the Project and permissible as "Eligible <br /> Expenses"as set forth in provision B(2)of the Loan Contract. <br /> "Promissory Note"means the Promissory Note evidencing the City's repayment obligation from the date <br /> of substantial completion of the Project,as set forth in Appendix 3 to the Loan Contract. <br /> "Pro Rata Portion"means the dollar amount derived by dividing the amount of principal and interest to <br /> come due on the next Payment Date by the number of monthly credits required to be made prior to such Payment <br /> Date. <br /> "Required Reserve Amount' means the amount equal to an annual loan payment as specified for the <br /> Required Reserve Amount under Section A(8)(d)of the Loan Contract. <br /> APPEINDIX 5 <br />