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"Project" means the improvements to the Water System of the City purchased by the City from the Authority pursuant to the Agreement "Project Costs"means all costs of acquisition, construction and improvement of the Project and of expenses incident thereto (or for making reimbursements to the Authority or the City or any other person, firm or corporation for such costs theretofore paid by him or it), including, but not limited to, construction costs, architectural and engineering fees and expenses, interest during construction, tests and inspection, surveys, land acquisition, insurance premiums, losses during construction not insured against because of deductible amounts, costs related to the Trustee during construction, costs of accounting, feasibility, environmental and other reports, inspection costs, permit fees, filing and recording costs,printing costs, reproduction and binding costs "Rating Agencies" means Standard& Poor's and Moody's Investors Service or any other nationally recognized bond rating agency "Revenues"means all Installment Sale Payments and other payments paid by the City and received by the Authority pursuant to the Agreement and all interest or other income from, any investment of any money in any fund or account (other than the Rebate Fund)pursuant to Section 4 04 "State"means the State of California "Supplemental Trust Agreement"means any trust agreement then in full force and effect which has been duly executed and delivered by the Authority and the Trustee amendatory hereof or supplemental hereto, but only if and to the extent that such Supplemental Trust Agreement is specifically authorized hereunder "Taxable Rate" means an interest rate sufficient such that the total interest to be paid to the Purchaser on any interest payment date would, after such interest was reduced by the amount of any U S federal, state and local income tax (including any interest or penalties) actually imposed thereon, equal the amount of interest due on the then unpaid principal amount of the Bonds, provided, however, that in no event shall the Taxable Rate exceed twelve percent(12%) per annum "Tax Certificate"means the Tax Certificate delivered by the Authority and the City at the time of the issuance and delivery of a series of Bonds, as the same may be amended or supplemented in accordance with its terms "Trust Agreement"means this Trust Agreement, dated as of February 1, 2017, between the Authority and the Trustee, as originally executed and as it may from time to time be amended or supplemented by all Supplemental Trust Agreements executed pursuant to the provisions hereof "Trustee" means the Finance Director, together with any co-trustee, if any, appointed and acting pursuant to this Trust Agreement, or any successor in interest acting as Trustee under this Trust Agreement "Water System"has the meaning ascribed to such term in the Agreement -6- 2762680 2