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time in the conduct of the functions of collecting and processing County Recyclables, reducing <br />solid waste, disposing of Solid Waste and mulching, composting and re -using Solid Waste, and <br />includes both (a) the Existing System Assets and (b) all moneys and investments related to such <br />functions. <br />"System Debt" means all obligations for payments of principal and interest with respect <br />to borrowed money incurred or assumed by the County in connection with the ownership or <br />operation of the System, without regard to the form of the transaction, and specifically including <br />leases or similar financing agreements which are required to be capitalized in accordance with <br />generally accepted accounting principles. System Debt is "Outstanding" at all times after it'is <br />issued or contracted until it is paid. <br />"System Employees" means employees of Chapel Hill directly engaged in carrying out <br />System business (but expressly not including employees of Chapel Hill's sanitation department). <br />"System Management Facilities" means those assets of the System used to provide (a) <br />final disposal of solid waste, including construction and demolition waste, such as landfills, or <br />(b) any other handling or processing of materials placed in the custody of the System, such as <br />transfer stations, materials recovery facilities or facilities for cleaning, sorting or other processing <br />of recyclable material. <br />"System Revenues" means all amounts derived by the County from the imposition of <br />rates, fees and charges for the use of, and for the services furnished by, the System. <br />"Towns" means, collectively, Carrboro, Chapel Hill and Hillsborough. <br />"Transfer Date" means January 1, 2000. <br />Draft of June 1, 1999 14 <br />