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<br />6 <br />3. is not connected with the City as a council member, officer or employee of the <br />City, but may be regularly retained to make reports to the City. <br /> <br />“Independent Municipal Finance Consultant” means any municipal finance consultant or <br />firm of such consultants of national reputation registered with the Municipal Securities <br />Rulemaking Board and the Securities and Exchange Commission generally recognized to be <br />well qualified in financial matters relating to systems similar to the Enterprise, appointed and <br />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 />3. is not connected with the City as a council member, officer or employee of the <br />City, but may be regularly retained to make reports to the City. <br /> <br />“Initial Amount” means the Accreted Value of a Capital Appreciation Parity Obligation on <br />its date of issuance and delivery to the original purchaser thereof. <br /> <br />“Installment Payment Date” means the date three (3) Business Days prior to each <br />August 1 and February 1. <br /> <br />“Installment Payments” means the installment payments of principal and interest <br />scheduled to be paid by the City hereunder. <br /> <br />“Insurance and Condemnation Fund” means the fund established and held by the City <br />pursuant to Section 5.10 or 5.16 hereof. <br /> <br /> “Insurance Consultant” means any nationally recognized independent actuary, <br />insurance company or broker who has actuarial personnel knowledgeable with respect to <br />insurance carried by, required for and available to municipalities operating facilities similar to the <br />Enterprise, including a pooled self-insurance program in which premiums are established on the <br />basis of the recommendation of an actuary of national reputation. <br /> <br />“Interest Payment Date” means February 1, 2025, and each February 1 and August 1 <br />thereafter. <br /> <br />“Maintenance and Operation Costs” of the Enterprise means the reasonable and <br />necessary costs and expenses paid by the City (excluding Installment Payments or other <br />payments in the nature of debt service on obligations secured by Net Revenues) for maintaining <br />and operating the Enterprise, as determined in accordance with Generally Accepted Accounting <br />Principles, including but not limited to (a) the reasonable expenses of management and repair <br />and other costs and expenses necessary to maintain and preserve the Enterprise in good repair <br />and working order, (b) the cost of wholesale water purchases from the San Francisco Public <br />Utilities Commission and any surcharges related thereto, and (c) administrative costs of the City <br />attributable to the Enterprise and the financing thereof; Maintenance and Operation Costs <br />exclude (x) depreciation, replacement and obsolescence charges or reserves therefor, (y) in any <br />Fiscal Year prior to setting aside an amount equal to the Installment Payments for such Fiscal <br />Year, capital expenditures other than as set forth in subsection (a) above, and (z) amortization <br />of intangibles or other bookkeeping entries or a similar nature. <br /> <br />8.A. - Page 174 of 255 <br />802