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24 <br />1!!' it includv—as of date-of men - 1 r r r r_ and the <br />Eno t NM r .11� r 1 IMF <br />r <br />"Solid Waste System" means all assets, including both real and personal property, used <br />from time to time in the conduct of the functions of collecting and processing Recyclables, <br />reducing solid waste, disposing of Solid Waste and mulching, composting and re -using Solid <br />Waste, and includes both (a) the Existing System Assets and (b) all moneys and investments <br />related to such functions. <br />"State" means the State of North Carolina. <br />"System Debt" means all obligations incurred or assumed by the County in connection <br />with the ownership or operation of the System for payments of principal and interest with respect <br />to borrowed money, 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 />the business of the Solid Waste System (but expressly not including employees of Chapel Hill's <br />sanitation department). <br />"System Management Facilities" means those assets of the Solid Waste System used to <br />provide final disposal of solid waste, such as landfills. <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 Solid Waste System. <br />"Towns" means, collectively, Carrboro, Chapel Hill and Hillsborough. <br />"Transfer" means the conveyance of the Existing System Assets to the County pursuant <br />to the Transfer Agreement in accordance with Article II. . <br />"Transfer Agreement" has the meaning assigned in Section 2.01. <br />