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<br />"Holder" means a Bondholder. <br /> <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 /> <br />"Net Revenues" means the Gross Revenues ofthe Electric System for any specified <br />period, less the Operating Expenses ofthe Electric System for the same specified period. <br /> <br />"Operating Account" means the account so designated in the Electric Fund. <br /> <br />"Operating Expenses" means the current expenses of operation, maintenance and minor <br />or current repair ofthe 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 /> <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 /> <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 15. <br /> <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 /> <br />"Prior Bonds" means the $3,595,000 original principal amount of Electric System <br />Revenue Bonds, Series 2004A, dated August 1,2004, $865,000 in principal amount of which are <br />currently outstanding. <br /> <br />"Prior Resolution" means the resolution duly adopted by the Commission on August 3, <br /> <br />2004. <br /> <br />"Project" means improvements and extensions and other capital improvements to the <br />Electric System. <br /> <br />"Public Utilities Commission" means the governing body ofthe Commission. <br /> <br />"Purchaser" means <br /> <br />"Registrar" means U.S. Bank National Association, in St. Paul, Minnesota, or its <br />successor appointed by the Commission pursuant to Section 6.01. <br /> <br />1861915vl <br /> <br />3 <br />