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<br />5 <br />“Generally Accepted Accounting Principles” means the uniform accounting and reporting <br />procedures prescribed by the California State Controller or his successor for municipalities in <br />the State of California, or failing the prescription of such procedures, means generally accepted <br />accounting principles as presented and recommended by the American Institute of Certified <br />Public Accountants or its successor, or by the Governmental Accounting Standards Board or its <br />successor, or by any other generally accepted authority on such principles. <br /> <br />“Governmental Loan” means a loan from the State or the United States of America, <br />acting through any of its agencies, to finance improvements to the Enterprise, and the obligation <br />of the City to make payments to the State or the United States of America under the loan <br />agreement memorializing said loan is on a parity basis with the payment of Installment <br />Payments. <br /> <br />“Gross Revenues” means all gross income and revenue received or receivable by the <br />City from the ownership and operation of the Enterprise, calculated in accordance with <br />Generally Accepted Accounting Principles, including all rates, fees and charges (including <br />connection fees) received by the City for Water Service and all other income and revenue <br />howsoever derived by the City from the Enterprise or arising from the Enterprise (including <br />transfers from the Rate Stabilization Fund to the Revenue Fund but excluding transfers from the <br />Revenue Fund to the Rate Stabilization Fund); provided, however, that (i) any specific charges <br />levied for the express purpose of reimbursing others for all or a portion of the cost of the <br />acquisition or construction of specific facilities, or (ii) customers’ deposits or any other deposits <br />subject to refund until such deposits have become the property of the City, are not Gross <br />Revenues and are not subject to the lien of the Installment Purchase Contract. Gross Revenues <br />shall also include interest with respect to any Parity Obligations reimbursed to or on behalf of <br />the City by the United States of America. <br /> <br />“Indenture” means that Indenture, dated as of September 1, 2024, between the Authority <br />and the Trustee, as amended or supplemented from time to time. <br /> <br />“Independent Certified Public Accountant” means any certified public accountant or firm <br />of certified public accountants duly licensed and entitled to practice and practicing as such <br />under the laws of the State of California, appointed and paid by the City, and each of whom- <br /> <br />1. is in fact independent. and not under the control of the City; <br /> <br />2. does not have a substantial financial interest, direct or indirect, in the operations <br />of the City; and <br /> <br />3. is not connected with the City as a board member, officer or employee of the <br />City, but may be regularly retained to audit the accounting records of and make <br />reports thereon to the City. <br /> <br />“Independent Engineer” means any registered engineer or firm of engineers of national <br />reputation generally recognized to be well qualified in engineering matters relating to systems <br />similar to the Enterprise, appointed and paid by the City, and who or each of whom-- <br /> <br />1. is in fact independent and not under the control of the City; <br /> <br />2. does not have a substantial financial interest, direct or indirect, in the City; and <br /> <br />8.A. - Page 173 of 255 <br />801