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"Default" means an event or condition that, with notice or the passage of time <br /> or both, would become an Event of Default. <br /> "DTC" means The Depository Trust Company, New York, New York, or its <br /> successors as the securities depository maintaining a book-entry system for <br /> recording beneficial ownership interests in the Bonds <br /> "EMMA System" means the "EMMA" continuing disclosure system maintained <br /> by the MSRB, or any successor to its functions. <br /> "Event of Default" has the meaning set forth in Section 10.01. <br /> "Event of Nonappropriation" means a failure or refusal by the County Board <br /> to include funds for Contract Payments in the County's budget for any Fiscal Year, or <br /> any reduction or elimination of an appropriation for Contract Payments, all as <br /> further described in Section 4.02. <br /> "Federal Securities" means, to the extent the same are Legal Investments, (a) <br /> direct obligations of the United States of America for which its full faith and credit <br /> are pledged, or (b) securities or obligations evidencing direct ownership interests in <br /> specified portions (principal or interest) of obligations described in (a), and <br /> expressly includes obligations stripped by the United States Treasury itself. <br /> "Financed Facilities" means any facilities, equipment or other assets or <br /> undertakings paid for or refinanced in whole or in part from the proceeds of Bonds, <br /> including the Pledged Facilities but also including those assets and undertakings <br /> paid for from the proceeds of loans refinanced through the issuance of the existing <br /> County obligations referenced in Exhibit A. <br /> "Financing Costs" means all professional and administrative costs related to <br /> the authorization, execution and delivery of Bonds, including printing and <br /> publication costs and legal, accounting, advisory and other fees and expenses. <br /> Financing Costs are a subset of Project Costs. <br /> "Fiscal Year" means the County's fiscal year beginning July 1, or such other <br /> fiscal year as the County may later lawfully establish, and also includes the period <br /> between the Closing Date and June 30, 2021. <br /> 66 <br />