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<br />-9- <br />accordance with Section 10.02, including Bonds (or portions thereof) described in Section <br />11.09; and (c) Bonds for the transfer or exchange of or in lieu of or in substitution for which other <br />Bonds shall have been authenticated and delivered by the Trustee under this Indenture. <br /> <br />“Overdue Rate” means the highest rate of interest on any of the Outstanding Bonds. <br /> <br />“Owner”, whenever used herein with respect to a Bond, means the person in whose <br />name the ownership of such Bond is registered on the Bond Registration Books. <br /> <br />“Parity Debt” means (a) the 2015 State Agreement (b) the 2024 Installment Sale <br />Agreement, and (c) any other bonds, notes, leases, installment sale agreements or other <br />obligations of the City payable from and secured by a pledge of and lien upon any of the Net <br />Revenues on a parity with the Installment Payments. <br /> <br />“Parity Debt Instrument” means (a) the 2015 State Agreement (b) and any other <br />resolution, trust indenture, installment sale agreement or similar instrument adopted, entered <br />into or executed and delivered by the City, under which Parity Debt is issued or incurred. <br /> <br />“Principal Account” means the account by that name established and held by the <br />Trustee in the Bond Fund under Section 5.02. <br /> <br />“Principal Corporate Trust Office” means such corporate trust office of the Trustee as <br />may be designated from time to time by written notice from the Trustee to the City. Except that <br />with respect to presentation of Bonds for payment or for registration of transfer and exchange <br />such term shall mean the corporate trust office of U.S. Bank Trust Company, National <br />Association, in St. Paul, Minnesota or such other office or agency of the Trustee at which at any <br />particular time, its corporate trust agency or operations shall be conducted. <br /> <br />“Project Costs” means, with respect to the 2026 Water Project, all costs of the <br />acquisition, construction and installation of improvements related to the 2026 Water Project <br />which are paid from moneys on deposit in the Project Fund, including but not limited to: <br /> <br />(a) all costs required to be paid to any person under the terms of any <br />agreement for or relating to the acquisition, construction and installation of <br />improvements related to the 2026 Water Project; <br /> <br />(b) obligations incurred for labor and materials in connection with the <br />acquisition, construction and installation of improvements related to the 2026 <br />Water Project; <br /> <br />(c) the cost of performance or other bonds and any and all types of <br />insurance that may be necessary or appropriate to have in effect in connection <br />with the acquisition, construction and installation of improvements related to the <br />2026 Water Project; <br /> <br />(d) all costs of engineering and architectural services, including the <br />actual out-of-pocket costs for test borings, surveys, estimates, plans and <br />specifications and preliminary investigations therefor, development fees, sales <br />commissions, and for supervising construction, as well as for the performance of <br />all other duties required by or consequent to the proper acquisition, construction <br />and installation of improvements related to the 2026 Water Project; <br />Page 25 of 205