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<br />Letter of Reoresentations: the letter of representations from the City to DTC to <br />induce DrC to accept the Bonds as eligible for deposit at DTC. <br />Net Revenue: the Gross Revenue after deducting the Operation and Maintenance <br />Expenses. <br />Official Statement: the final form of the Preliminary Official Statement. <br />Ooeration and Maintenance Expenses: all reasonable and necessary current expenses <br />of the City, paid or accrued, for operating, maintaining, and repairing the System, including <br />without limitation legal and overhead expenses of the City directly related to the <br />administration of the System, insurance premiums, audits, charges of depository banks and <br />paying agents, professional services, salaries and administrative expenses, labor, and the cost <br />of materials and supplies for current operation; provided however, that there shall be excluded <br />from Operation and Maintenance Expenses any allowance for depreciation, payments in lieu <br />of taxes or franchise fees, legal liabilities not based on contract, expenses incurred in <br />connection with Capital Improvements, payments due in connection with any bonds or other <br />obligations issued to provide Capital Improvements, and charges for the accumulation of <br />reserves. <br />Ordinance: this Ordinance, which authorizes the issuance of the Bonds. <br />Owner: the registered owner of any Bond as shown by the registration books <br />maintained by the Bond Registrar on behalf of the City; provided however, that for purposes <br />of Sections 22 and 23 hereof, each Bond Insurer which is not in default in its payment <br />obligations under its Bond Insurance Policy shall be deemed the sole Owner of the Bonds <br />or Parity Lien Bonds insured by it. <br />Parity Lien Bonds: one or more series of additional bonds, notes, interim securities, <br />or other obligations issued by the City pursuant to Section 21 hereof having a lien on the Net <br />Revenue which is on a parity with the lien of the Bonds. <br />PayinlZ Agent: Colorado National Bank, in Denver, Colorado, or its successor, which <br />shall perform the function of paying agent as set forth in this Ordinance. <br />Particioants: any broker-dealer, bank, or other fmancial institution from time to time <br />for which DTC or other Depository holds the Bonds. <br /> <br />-8- <br />