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1.03. Definitions. The following terms in this instru- ment shall have the following meanings unless the text otherwise expressly requires: (n) "Bonds" shall mean the obligations of the Issuer autho- rized to be issued pursuant to Section 2.01 of this instrument and .Shall be deemed to include also any obligations issued hereafter by the Issuer pursuant to the provisions of Section 3.0.1(11) of this instrument. (B) "Gross Revenues" shall mean all money received from -rates, fees, rentals or other charges or income received by the Issuer or accruing to it in the management and operation of the System, all calculated in accordance with sound accounting practice. (C) 'Operating Expenses" shall mean all current expenses, paid or accrued, for the operation, maintenance and repair of all facilities of the System, as calculated in accordance with sound accounting practice, and shall include, without limiting the gener- ality of the foregoing, insurance premiums, administrative expenses of the Issuer related solely to the System, labor, cost of materials and supplies used for current operation, and charges for the accumu- lation of appropriate reserves for current expenses not annually 'recurrent but which are such as may reasonably be expected to be incurred in accordance with sound accounting practice,•but excluding any allowance for depreciation or for renewals or replacements of capital assets of the System. (D) "Net Revenues" shall mean Gross Revenues less Operating Expenses. (E) "Fiscal Year" shall mean the period commencing oil October 1 of each year and continuing to and including the succeeding September 30. 1.04 Project Authorized. The Tssucr is hereby authorised to construct the Project as defined in Section 1.02 (A) above. JAN •2 31918 ProK J,3 i'," o 6u