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<br />EL185-68-707442.v4
<br />“Holder” means a Bondholder.
<br />“Interest Payment Date” means a date specified in a Bond as a fixed date for payment of
<br />an installment of interest on the Bond.
<br />“Municipal Utilities Commission” means the governing body of the Commission.
<br />“Net Revenues” means the Gross Revenues of the Electric System for any specified
<br />period, less the Operating Expenses of the Electric System for the same specified period.
<br />“Operating Account” means the account so designated in the Electric Fund.
<br />“Operating Expenses” means the current expenses of operation, maintenance and minor
<br />or current repair of the Electric System for any specified period. Operating Expenses include,
<br />without limitation, administrative expenses of the Commission relating to the Electric System,
<br />franchise fees, premiums for insurance relating to the Electric System, and amounts necessary to
<br />accumulate and maintain the Operating Reserve Requirement. Operating Expenses do not
<br />include depreciation, amortization, or interest expense.
<br />“Operating Reserve Requirement” means an amount equal to the greater of (i) one
<br />month’s Operating Expenses, based upon the financial statements of the Commission for the
<br />preceding Audited Fiscal Year, or (ii) a larger amount reasonably determined by the Commission
<br />to be necessary to be maintained as a reserve for payment of Operating Expenses.
<br />“Outstanding” means when used with reference to the Bonds or the Prior Bonds, as the
<br />case may be, as of the date of determination, all Bonds or Prior Bonds, as the case may be,
<br />theretofore issued except Bonds or Prior Bonds, as the case may be, which have been paid or are
<br />deemed to have been paid as provided in Section 16.
<br />“Person” means any individual, corporation, partnership, joint venture, association, joint
<br />stock company, trust, unincorporated organization, or government, or any agency or political
<br />subdivision thereof.
<br />“Prior Bonds” means the $9,755,000 original principal amount of Electric Revenue
<br />Bonds, Series 2016A, dated July 14, 2016, $8,465,000 in principal amount of which is currently
<br />outstanding, and $1,370,000 original principal amount of Electric Revenue Refunding Bonds,
<br />Series 2016B, dated July 14, 2016, $240,000 in principal amount of which is currently
<br />outstanding and $10,000,000 original principal amount of Electric Revenue Bonds, Series
<br />2018A, dated September 26, 2018, $9,415,000 in principal amount of which is currently
<br />outstanding.
<br />“Prior Resolution” means, collectively, the Resolutions duly adopted by the Commission
<br />on June 14, 2016 and August 29, 2018, with respect to the Prior Bonds.
<br />“Project” means the financing the remaining cost of the acquisition of the Commission’s
<br />membership interest in the Minnesota Municipal Power Agency (MMPA).
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