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Anticipation Notes, Commercial Paper or similar Obligations reasonably expected to be <br /> paid from proceeds of other Obligations or any other sources other than the Net Pledged <br /> Revenues. <br /> Net Pledged Revenues: all Income remaining after the deduction of <br /> Operation and Maintenance Expenses. <br /> Obligations: any bond, warrant, note, loan, security, Capital Lease, <br /> installment purchase arrangement or similar instrument evidencing the advancement of <br /> money or the deferral of payments of money which is payable in whole or in part from <br /> proceeds of other Obligations or from the Income or the Net Pledged Revenues, <br /> regardless of priority, or issued with respect to Special Facilities and payable from <br /> Project Revenues. The term Obligation includes repayment, reimbursement or similar <br /> obligations to Credit Facility Providers or Liquidity Facility Providers to the extent <br /> currently due and payable or as provided by Series Ordinance. <br /> Operating Lease: a Lease which is not, or, under Generally Accepted <br /> Accounting Principles, is not permitted to be,capitalized for financial reporting purposes. <br /> Operation and Maintenance Expenses: for any particular period, all <br /> reasonable and necessary current expenses, paid or accrued, of operating, maintaining <br /> and repairing the System, but only if such charges are made in conformity with Generally <br /> Accepted Accounting Principles. Operation and Maintenance Expenses include, without <br /> limiting the generality of the foregoing, legal and overhead expenses of the various City <br /> departments directly related and reasonably allocable to the administration of the System, <br /> billing, payments under Operating Leases, insurance premiums, the reasonable charges of <br /> depository banks and paying agents, contractual services, professional services required <br /> by this Ordinance or any other applicable requirement, salaries and administrative <br /> expenses, labor and the cost of materials and supplies used for current operations, but <br /> shall not include any allowance for depreciation, capital replacement or obsolescence <br /> charges or reserves, Debt Service Requirements, liabilities incurred by the City or the <br /> Enterprise as the result of its negligence (as determined by a court of law) in the <br /> operation of the System or Improvements, extensions,enlargements or betterments. <br /> Ordinance: this Ordinance, including any amendments hereto. <br /> Outstanding: as of any particular date, all Obligations which have been <br /> authorized,executed and delivered,except the following: <br /> (a) Any Obligation cancelled by the Paying Agent or otherwise on <br /> behalf of the City on or before such date; <br /> (b) Any Obligation held by or on behalf of the City; <br /> (c) Any Obligation for the payment or the redemption of which <br /> moneys or Federal Securities sufficient (including the known minimum yield available <br /> for such purpose from Federal Securities in which such amount wholly or in part may be <br /> #866939v11 7 <br />