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without any physical delivery, filing, or further act. The lien of such pledge shall have the priority
<br /> described in the Loan Contract. The lien of such pledge shall be valid,binding,and enforceable as
<br /> against all persons having claims of any kind in tort, contract, or otherwise against the City
<br /> irrespective of whether such persons have notice of such liens.
<br /> For purposes of this Ordinance and the Loan Contract,"Pledged Revenue"shall mean
<br /> the Net Revenue of the City. "Net Revenue"shall mean the Gross Revenue less the Operation and
<br /> Maintenance Expenses.
<br /> "Gross Revenue"means all income and revenues directly or indirectly derived by the
<br /> Enterprise from the operation and use of the System, or any part thereof, including without
<br /> limitation,any rates,fees,plant investment fees,standby charges,availability fees,tolls,and charges
<br /> for the services furnished by, or the use of, the System, and all income attributable to any past or
<br /> future dispositions of property or rights or related contracts, settlements, or judgments held or
<br /> obtained in connection with the System or its operations,and including investment income accruing
<br /> from moneys held to the credit of the bond account for the payments of the principal of,premium if
<br /> any, and interest on the Prior Bonds; provided however, that there shall be excluded from Gross
<br /> Revenue any moneys borrowed and used for providing Capital Improvements; any money and
<br /> securities, and investment income therefrom, in any refunding fund, escrow account, or similar
<br /> account pledged to the payment of any bonds or other obligations;and any moneys received as grants
<br /> or appropriations from the United States,the State of Colorado,or other sources,the use of which is
<br /> limited or restricted by the grantor or donor to the provision of Capital Improvements or for other
<br /> purposes resulting in the general unavailability thereof,except to the extent any such moneys shall be
<br /> 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 /> "Operation and Maintenance Expenses"means all reasonable and necessary current
<br /> expenses of the Enterprise,paid or accrued, for operating, maintaining, and repairing the System,
<br /> including without limitation legal and overhead expenses of the Enterprise directly related to the
<br /> administration of the System,insurance premiums,audits,charges of depository banks and paying
<br /> agents,professional services, salaries and administrative expenses,labor,and the cost of materials
<br /> and supplies for current operation; provided however,that there shall be excluded from Operation
<br /> and Maintenance Expenses any allowance for depreciation, payments in lieu of taxes or franchise
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