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<br />-6- <br />assumed to bear interest at 100% of the most recently published Bond Buyer “Revenue <br />Bond Index” (or comparable index if no longer published); and <br /> <br />(ii) Except as provided in (iii) below, Variable Rate Bonds the interest on <br />which is not excluded from gross income for purposes of federal income taxation, shall <br />be assumed to bear interest at the interest rate on direct U.S. Treasury obligations with <br />comparable maturities, plus 50 basis points; and <br /> <br />(iii) Variable Rate Bonds for which an interest rate swap agreement is in <br />place providing for a synthetic fixed interest rate to maturity or for a specific term, the <br />interest rate on such Variable Rate Bonds shall be assumed to be the synthetic fixed <br />interest rate specified in such interest rate swap agreement for such term. <br /> <br />“Defeasance Obligations” means the Federal Securities listed in clause (a) of the <br />definition thereof. <br /> <br />“Depository” means (a) initially, DTC, and (b) any other Securities Depositories acting as <br />Depository under Section 2.05. <br /> <br />“Depository System Participant” means any participant in the Depository’s book-entry <br />system. <br /> <br />“DTC” means The Depository Trust Company, and its successors and assigns. <br /> <br />“Event of Default” means any of the events specified in Section 7.01. <br /> <br />“Excess Investment Earnings” means an amount required to be rebated to the United <br />States of America under Section 148(f) of the Tax Code due to investment of gross proceeds of <br />the Bonds at a yield in excess of the yield on the Bonds. <br /> <br />“Federal Securities” means, with respect to the Bonds: (a) any direct general obligations <br />of the United States of America (including obligations issued or held in book entry form on the <br />books of the Department of the Treasury of the United States of America), for which the full faith <br />and credit of the United States of America are pledged; or (b) obligations of any agency, <br />department or instrumentality of the United States of America, the timely payment of principal <br />and interest on which are directly or indirectly secured or guaranteed by the full faith and credit <br />of the United States of America; specifically: <br /> <br /> U.S. treasury Obligations, <br /> all direct or fully guaranteed obligations, <br /> Farmers Home Administration, <br /> General Services Administration, <br /> Guaranteed Title IX financing, <br />Government National Mortgage Association (GNMA), and <br /> State and Local Government Series. <br /> <br />“Fiscal Year” means any twelve-month period extending from July 1 in one calendar year <br />to June 30 of the succeeding calendar year, both dates inclusive, or any other twelve-month <br />period selected and designated by the Authority as its official fiscal year period. <br /> <br />Page 22 of 205