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pursuant to law to State authorities describing the long - tern, plan for solid waste <br />management which the County, as designated lead agency, film on behalf of the County and <br />the Towns, and (n) the Solid Waste Management Policies, which are collectively, all policies <br />related to the System and coordinated solid waste management for the County, the towns and the <br />persons and organizations in their jurisdictions, as the same may exist from time to time <br />iaslu4es,�- _(including all such policies in effect as of the date of this Agreement — -- 4-sueh <br />�) - <br />"State" means the State of North Carolina. <br />"System" means all assets, including both real and personal property, used from time to <br />time in the conduct of the functions of collecting and processing Cow Recyelables, 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 to <br />borrowed money incurred or assumed by the County in connection with the ownership or operation <br />of the System, without regard to the form of the transaction, and specifically including leases or <br />similar financing agreements which are required to be capitalized in accordance with generally <br />accepted accounting principles. System Debt is "Outstanding" at all times after it is issued or <br />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-d <br />materials placed in the custody of the Sys tem , such as transfer stations, materials recovery <br />facilities or facilities for cleaning, sorting or other processing of .recyclable material . <br />"System Revenues" means all amounts derived by the County from the imposition of rates, <br />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 /Blacklined from May 10, Page 15 <br />