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,other than converting it to treated water are not <br />for the purpose of this contract to be considered <br />to be a part of the Water Production System. For <br />the purpose of computing this capital recovery <br />charge, it is agreed: <br />(a) that as of October 1, 1984, the capital <br />value of the City Water Production System was <br />$2,;,535,336.94 and that such amount shall be <br />depreciated on a straight line basis as set <br />out in Exhibit C, and <br />(b) that all capital items added to the City <br />Water Production System subsequent to October <br />1, 1984, shall be depreciated on a straight <br />line basis over a thirty -five (35) year <br />period, and <br />(c) that the proceeds of any grant -in -aid <br />received by the City shall not be capitalized <br />unless such be a requirement imposed by the <br />grantor, or is necessary to comply with (i) a <br />judgement or order issued by a court or <br />administrative agency of competent jurisdic- <br />tion, (ii) applicable federal or state <br />statutes or agency rule or regulation, (iii) <br />bond or debt covenant(s), or (iv) bond rating <br />agency requirement. <br />12 <br />