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"Pledged Revenues" means (i) the Net Revenues, plus (ii) any additional revenues, <br />income, receipts, or other resources, including, without limitation, any grants, donations or <br />income received or to be received from the United States Government, or any other public or <br />private source, whether pursuant to an agreement or otherwise, which hereafter are pledged by <br />the City to the payment of the Bonds Similarly Secured, and excluding those revenues excluded <br />from Gross Revenues or excluded from Net Revenues. <br />"Project" means the acquisition, construction, installation and equipment of additions, <br />improvements and extensions to the System. <br />"Rating Agency" means any nationally recognized securities rating agency. <br />"Required Reserve" shall have the meaning set forth herein. <br />"Reserve Fund Obligation" means, to the extent permitted by law, (i) a policy of <br />insurance or a surety bond, issued by an City of policies of insurance insuring the timely <br />payment of debt service on governmental obligations, provided that a Rating Agency, at the time <br />of the delivery of such credit facility, would rate the Bonds fully insured by a standard policy <br />issued by the City of such credit facility in any one of its three highest generic rating categories <br />for such obligations; and (ii) a letter or line of credit issued by any financial institution, provided <br />that a Rating Agency, at the time of delivery of such letter or line of credit, would rate the Bonds <br />LACUIL PiUJWSCU LUDe ISSUCA.0y sucii rinancial i-TistituTion securea Vae umeiy payment 77 me entire <br />principal amount of the Bonds and the interest thereon. <br />"Reserve Fund Obligation Paymenf' means any payment the City is obligated to make <br />from Pledged Revenues deposited in the Reserve Fund with respect to a Reserve Fund <br />Obligation. <br />"Special Project" means any water, sewer, wastewater reuse system property, <br />improvement or facility or other public improvement declared by the City not to be part of the <br />System, for which the costs of acquisition, construction and installation are paid from proceeds <br />of Special Project Obligations and for which all Maintenance and Operating Expenses are <br />payable from sources other than <br />all or any part of the revenues or proceeds of which are or will be pledged to secure the payment <br />or repayment of such costs of acquisition, construction and installation under such financing <br />transaction. <br />"Special Project Obligations" means special revenue obligations of the City which are not <br />secured by the Pledged Revenues, but which are secured by and payable solely from special <br />contract revenues or payments received from the System, any other legal entity, or any <br />combination thereof, in connection with a Special Project; and such revenues or payments shall <br />not be considered as or constitute Gross Revenues of the System, unless and to the extent <br />otherwise provided in the ordinance or ordinances authorizing the issuance of such Special <br />Project Obligations. <br />"State" means the State of Texas. <br />4 <br />