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1.03 Definitions. The following terms in this instru- <br />ment shall have the following meanings unless the text othe noise <br />expressly requires: <br />(A) "Bonds" shall mean the obligations of the Issuer autho- <br />rized to be issued pursuant to Section 2.01 of this instrument and <br />Shall be deemed to includa also any obligations issued hereafter by <br />the Issuer pursuant to the provisions of Section 3.04(11) of this <br />instrument. <br />(B) "Gross Revenues" shall mean all money received .from <br />•rates, fees, rentals or other charges or income received by the <br />Issuer or accruing to it in the management and operation of the <br />System, all calculated in accordance with sound accounting practice. <br />(C) "Operating Expenses" shall mean all current expenses, <br />paid or accrued, for the operation, maintenance and repair of all <br />facilities of the System, as calculated in accordance with sound <br />accounting practice, and shall include, without limiting the gener- <br />ality of the foregoing, insurance premiums, administrative expenses <br />of the Issuer related solely to the System, labor, cost of materials <br />and supplies used for current operation, and charges for the accumu- <br />lation of appropriate reserves for current expenses not annually <br />recurrent but which are such as may reasonably be expected to be <br />incurred in accordance with sound accounting practice, but excluding <br />any'allowance for depreciation or for renewals or replacements of <br />capital assets of the System. <br />(D) "Net Revenues" shall mean Gross Revenues less Operating <br />Expanses. <br />(E) "Fiscal Year" shall mean the period commencing on <br />October 1 of each year and continuing to and including the succeeding <br />September 30. <br />1,04 Project Authorized. The Issuer is hereby authorized <br />to construct the Project as defined in Section 1.02 (A) above. <br />-3- <br />