98-040 ORD AUTHORIZE TEXAS TAX AND REVENUE REFUNDING BONDS, SERIES 1998

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Section 8. DEFINITIONS. That for all purposes of this Ordinance, the following words shall have the following meanings, respectively: (a) The term "City" or "Issuer" shall mean the City of Paris, in Lamar County, Texas. (b) The term "City Council" or "Council" shall mean the governing body of the Issuer. (c) The term "Government Obligations" shall mean direct obligations of the United States of America, including obligations the principal of and interest on which are unconditionally guaranteed by the United States of America, which may be United States Treasury obligations such as its State and Local Government Series, which may be in bookentry form. (d) The terms "Gross Revenues of the System" and "Gross Revenues" shall mean all revenues and income of every nature derived or received by the Issuer from the operation and ownership of the System, including the interest income from the investment or deposit of money in any Fund created by the ordinance for issuance of the Bonds or any Revenue Bonds. (e) The terms "Net Revenues of the System", and "Net Revenues" shall mean all Gross Revenues after deducting and paying the current expenses of operation and maintenance of the System out of the Revenue Fund, hereinafter created, including all salaries, labor, materials, repairs, and extensions necessary to render efficient service, provided, however, that only such repairs and extensions, as in the judgment of the City Council, reasonably and fairly exercised by the adoption of appropriate resolutions, aze necessary to keep the System in operation and render adequate service to said Issuer and the inhabitants thereof, or such as might be necessary to meet some physical accident or condition which would otherwise impair the Bonds or Revenue Bonds, shall be deducted in determining "Net Revenues". Depreciation and amortization shall not be considered as an expense of operation and maintenance in determining Net Revenues. (f) The term "Outstanding Revenue Bonds" shall mean the outstanding bonds payable from a first lien on and pledge of the Net Revenues of the System, being the Series 1992 Bonds, Series 1997 Bonds and the Waterworks and Sewer System Revenue Refunding Bonds, Series 1998 being authorized concurrently herewith. (g) The term "Revenue Bonds" shall mean the revenue bonds which the City reserves the right to issue in the future, all as provided in Section 12 of this Ordinance. (h) The term "Surplus Revenues" shall mean each month the Net Revenues of the System after payment provisions for debt service and reserve requirements in connection with a11 of the Issuer's Outstanding Revenue Bonds or additional parity revenue bonds. (i) The term "System" or "Waterworks and Sewer System" shall mean the Issuer's entire existing Waterworks and Sewer System, together with all future extensions, improvements, enlargements, and additions thereto, and all replacements thereof; provided that, notwithstanding the 21