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<br />2 <br />EL185-68-707442.v4 <br />“Bond Counsel” means any attorney or firm of attorneys having a favorable reputation <br />for matters relating to tax-exempt financing of properties similar to the Electric System, retained <br />by the Commission. <br />“Bondholder” means the Person in whose name a Bond is registered in the Bond <br />Register. <br />“Bond Register” means the register maintained by the Registrar pursuant to Section 6.01. <br />“Bonds” means any Outstanding Series 2021B Bonds, any Outstanding Prior Bonds, and <br />any Outstanding Additional Bonds. <br />“City” means the City of Elk River, Minnesota, and any successor to its obligations under <br />this Resolution. <br />“Code” means the Internal Revenue Code of 1986, including any amendment thereof. <br />“Commission” means the Elk River Municipal Utilities Commission, and any successor <br />to its obligations under this Resolution. <br />“Commission Resolution” means a resolution or other legislative enactment duly adopted <br />by the Commission. <br /> “Consultant” means a Person having a favorable reputation as experienced in planning <br />and financing, and evaluating the economic feasibility, of properties similar to the Electric <br />System, retained by the Commission. <br />“Debt Service Account” means the account so designated in the Electric Fund. <br />“Electric Fund” means the Electric Fund maintained on the official books of account of <br />the City. <br />“Electric System” means the municipal electric light and power plant and distribution <br />system of the City, as it may at any time exist, including any replacement, expansion or <br />improvement thereof. <br />“Fiscal Year” means the period commencing on January 1 of any year and ending on <br />December 31 of the same year, or any other period of twelve consecutive months specified by <br />Commission Resolution as the fiscal year of the Commission. <br />“Government Obligations” means direct obligations of, or obligations the principal of and <br />the interest on which are fully and unconditionally guaranteed by the United States of America. <br />“Gross Revenues” means all revenues and receipts from rates, fees, charges, and rentals <br />imposed by the Commission for the availability, benefit, use and products of the Electric System <br />or any part thereof, and any penalties and interest thereon, and income from the investment <br />thereof. Gross Revenues do not include amounts received from the sale of property which is part <br />of the Electric System or amounts borrowed with respect to the Electric System. <br />63