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such series for such Bond Year. In computing the Bond Service 4D Requirement for any Bond Year, the Issuer shall assume that an amount of the Term Bonds of such series equal to the Amortization ® Installment for the Term Bonds of such series for. such Bond Year will be retired by purchase or redemption in such Bond Year. When determining the amount of principal of and interest on the Bonds which matures in any year, for purposes of this resolution, A the stated maturity date of Term Bonds shall be disregarded, and the Amortization Installment, if any, applicable to Term Bonds in such year shall be deemed to mature in such year. The amount of the Bond Service Requirement for any Bond Year shall be reduced by the amount deposited into the Sinking Fund and/or. the Bond Amortization Account, from legally available funds, for payment of the principal of, inte-est on and/or Amortization Installments for the Bonds. I. "Bond Year" shall mean the annual period ending on a principal maturity date or an Amortization Installment due date for the Bonds. J. "Cost of Operation and Maintenance" of the Project shall mean the current expenses, paid or accrued, of operation, maintenance and repair of the Project, as calculated in accor- dance with sound accounting practice, but shall not include payments in lieu of taxes, any reserve for renewals and replacements, extraordinary repairs or any allowance for depreciation. K. "Federal Securities" shall mean, collectively, (1) direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America, which are not redeemable prior to maturity at the option of the obligor; (2) bank certificates of deposit fully secured as to principal and interest by the obligations described in (1); (3) certificates evidencing ownership of por- tions of such obligations described in (1) which are held by a bank or trust company as custodian, under which the owner of the -3-