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16 <br /> 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 fiunished 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 />