Item PFA-3 - Water Revenue Bonds

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done by the Authority or the City which are properly chargeable to the acquisition, construction, installation or improvement of the Project. "Acquisition Fund" means the fund by that name established under Section 5.01(c) hereof. "Additional Bonds" means all revenue bonds of the Authority which are secured by Installment Payments authorized by and at any time Outstanding pursuant hereto and executed, issued and delivered in accordance with Article IV hereof. "Annual Debt Service" means, for any Fiscal Year, the sum of (1) the interest payable on all Outstanding Bonds in such Fiscal Year, assuming that all Outstanding Serial Bonds are retired as scheduled and that all Outstanding Term Bonds are redeemed or paid from sinking fund payments as scheduled (except to the extent that such interest is to be paid from the proceeds of the sale of any Bonds), (2) the principal amount of all Outstanding Serial Bonds maturing by their terms in such Fiscal Year, and (3) the principal amount of all Outstanding Term Bonds required to be redeemed or paid in such Fiscal Year (together with the redemption premiums, if any, thereon). "Authority" means the Santa Ana Public Financing Authority, a California joint exercise of powers authority and public entity duly organized and existing under and by virtue of the laws of the State, and its successors or assigns. "Authorized Denominations" means $5,000 and any integral multiple thereof. "Beneficial Owners" means those individuals, partnerships, corporations or other entities for whom the Participants have caused the Depository to hold Book -Entry Bonds. "Board" means the Board of Directors of the Authority. "Bond Counsel" means any attorney at law or firm of attorneys, of nationally recognized standing in matters pertaining to the validity of, and exclusion from gross income for federal income tax purposes of interest on, bonds issued by states and political subdivisions and duly admitted to practice law before the highest court of any state of the United States and acceptable to the Authority. "Bonds" means the 2024 Bonds and all Additional Bonds. "Book -Entry Bonds" means any Bonds which are then held in book -entry form by a Securities Depository as provided in Section 2.09. "Business Day" means a day of the year which is not a Saturday or Sunday, or a day on which banking institutions located in California are required or authorized to remain closed, or on which the New York Stock Exchange is closed. If the date for making any payment or the last date for performance of any act or the exercising of any right, as provided in this Indenture, shall not be a Business Day, such payment may be made or act performed or right exercised on the next succeeding Business Day, with the same force and effect as if done on the nominal date provided in this Indenture, and, unless otherwise specifically provided this Indenture, no interest shall accrue for the period from and after such nominal date. 55394.00068\42092121.3