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<br /> permitted by law, the term System shall not mean any sewer, ~
<br /> ~ water, or other facilities of any kind which are declared ;
<br /> not to be a part of the System, and which are acquired or q
<br /> constructed by the City with the proceeds from the issuance ;
<br /> of "Special Facilities Bonds", which are hereby defined as !
<br /> ; being special revenue obligations of the City which are not ~
<br /> ~ payable from or secured by any Pledged Revenues, but which ~
<br /> ; are secured by and payable from liens on and pledges of any ~
<br /> ~ other revenues, sources, or payments, including, but not ;
<br /> ~ limited to, special contract revenues or payments received ~
<br /> ; from any other legal entity in connection with such facili- '
<br /> ~ ties; and such revenues, sources, or payments shall not be !
<br /> considered as or constitute Gross Revenues of the System, G
<br /> ` unless and to the extent otherwise provided in the ordinance
<br /> ` or ordinances authorizing the issuance of such "Special
<br /> Facilities Bonds". '
<br /> (g) The terms "Gross Revenues of the System" and ~
<br /> ~"Gross Revenues" shall mean all revenues and income of every ~
<br /> nature derived or received by the City from the operation
<br /> ; and ownership of the System, including the interest income
<br /> ' from the investment or deposit of money in any Fund created
<br /> E by this Ordinance. ;
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<br /> (h) The terms "Net Revenues of the System", and "Net ~F Revenues" shall mean all Gross Revenues after deducting and ~
<br /> paying the current expenses of operation and maintenance of
<br /> ` the System out of the System Fund, hereinafter created, in-
<br /> cluding all salaries, labor, materials, repairs, and exten-
<br /> sions necessary to render efficient service, provided, how-
<br /> ever, that only such repairs and extensions, as in the
<br /> judgment of the City Council, reasonably and fairly exer-
<br /> cised by the adoption of appropriate resolutions, are
<br /> necessary to keep the System in operation and render ade-
<br /> quate service to to said City and the inhabitants thereof,
<br /> ? or such as might be necessary to meet some physical accident
<br /> ; or condition which would otherwise impair the Bonds or
<br /> Additional Parity Revenue Bonds, shall be deducted in
<br /> determining "Net Revenues". Depreciation and amortization
<br /> shall not be considered as an expense of operation and
<br /> : maintenance in determining Net Revenues.
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<br /> (i) The term "Pledged Revenues" shall mean t
<br /> (1) the Net Revenues, plus ~
<br /> (2) any additional revenues, income, or other
<br /> resources, including, without limitation, any grants, ~
<br /> donations, or income received or to be received from
<br /> the United States Government, or any other public or ~
<br /> S; private source, whether pursuant to an agreement or
<br /> ` otherwise, which in the future may, at the option of '
<br /> the City, be pledged to the payment of the Bonds or
<br /> Additional Bonds.
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<br /> (j) The term "year" or "fiscal year" shall mean the g
<br /> fiscal year used by the City in connection with the opera- ~
<br /> tion of the System.
<br /> F (k) The term "Government Obligations" shall mean ;
<br /> ; direct obligations of the United States of America, includ-
<br /> ~ ing obligations the principal of and interest on which are "
<br /> ; unconditionally guaranteed by the United States of America,
<br /> A` which may be United States Treasury obligations such as its
<br /> State and Local Government Series, which may be in book-
<br /> ~E entry form.
<br /> Section 8. PLEDGE. That the Bonds and any Additional ,
<br /> j Bonds (as defined in Section 23 hereof), and the interest
<br /> ; coupons appertaining thereto, are and shall be secured by s
<br /> ; and payable from an irrevocable lien on and pledge of the ~
<br /> Pledged Revenues, subject and subordinate only to any first a
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