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Event of Default: any one of the events described in Section 8.01 hereof. <br /> Excess Investment Earnings Account: with respect to a particular Series <br /> of Obligations, a special account which may be established by Series Ordinance for the <br /> purpose of accounting for arbitrage rebate payments to the federal government. <br /> Federal Securities: bills, certificates of indebtedness, notes, or bonds <br /> ' which are direct obligations of, or the principal and interest of which obligations are <br /> unconditionally guaranteed by,the United States of America. <br /> Final Terms Certificate: a certificate of the Director of Finance and the <br /> Director of Utilities of the City, specifying the final terms of a Series of Obligations. <br /> Finance Director: the Director of Finance of the City. <br /> First-Lien Revenue Bonds: First-Lien Revenue Obligations issued in the . <br /> form of Revenue Bonds and designated substantially as follows: "First-Lien Water <br /> [Improvement] [Refunding] Revenue Bonds, Series ." <br /> First-Lien Revenue Obligations: Obligations secured by a first lien upon <br /> the Net Pledged Revenues. The CWRPDA 1999 Loan shall be treated as a First Lien <br /> Revenue Obligation. • <br /> Fiscal Year: the twelve (12) months commencing on the first day of <br /> January of any calendar year and ending on the last day of December of such calendar <br /> year or such other twelve-month period as may from time to time be designated by the <br /> Council or by State statute as the fiscal year of the City or the Enterprise. <br /> Fixed Rate Obligation: an Obligation bearing interest at a rate or rates <br /> which are fixed for the term of the Obligation. Any instrument, including a stepped- <br /> coupon security, as to which all future interest rates can be determined as of its date of <br /> issuance is a Fixed Rate Obligation. A zero-coupon Obligation is a fixed rate Obligation. <br /> Generally Accepted Accounting Principles: accounting principles, <br /> methods and terminology followed and construed for utilities and enterprises of <br /> governmental units, established by the Governmental Accounting Standards Board or any <br /> successor organization, as amended from time to time. <br /> Improve or Improvement: the addition, extension, enlargement, • <br /> betterment, replacement or improvement or any combination thereof, of facilities, other <br /> property, any project, or any interest therein, but not including reconstruction, <br /> replacement, repair or other renewal of existing facilities which the City determines not <br /> to capitalize for financial reporting purposes. <br /> Income: all income from rates, fees or charges for the services furnished <br /> by, or the direct or indirect use of, the System, together with any interest income of the <br /> System attributable to the investment of moneys in the accounts created in this Ordinance <br /> #866939v11 5 <br />