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been or should be, in accordance with GAAP, capitalized on the books of such Person as lessee; and (f)
guaranties of any of the foregoing; provided that Indebtedness does not include accounts payable and
accrued expenses incurred in the ordinary course of business.
“Indenture” means the Indenture of Trust, dated as of July 1, 2026, between the Issuer and the
Trustee, as amended or supplemented from time to time in accordance with the Indenture.
“Independent” when used with respect to a specified Person means such Person has no specific
financial interest direct or indirect in the Borrower or any Affiliate of the Borrower and in the case of an
individual is not a director, trustee, officer, partner or employee of the Borrower or any Affiliate of the
Borrower and in the case of an entity, does not have a partner, director, trustee, officer, member or employee
who is a director, trustee, officer or employee of any partner of the Borrower or any Affiliate of the
Borrower.
“Information Services” means in accordance with then-current guidelines of the Securities and
Exchange Commission, the Municipal Securities Rulemaking Board established pursuant to Section
15B(b)(1) of the Securities Exchange Act of 1934, or any successor entity or entities designated by the
Securities and Exchange Commission.
“Initial Deposit” means the deposit of Available Money in the amount of $[0], which the Borrower
shall cause to be made from the Underwriter’s Advance to the Interest Account of the Bond Fund on the
Closing Date.
“Initial Interest Rate” means _.__%.
“Initial Mandatory Tender Date” means October 1, 2028 *.
“Initial Remarketing Date” means the Initial Mandatory Tender Date, but only if the conditions for
remarketing the Bonds on such date as provided in the Indenture are satisfied.
“Interest Account” means the Interest Account within the Bond Fund created in the Indenture.
“Interest Payment Date” or “Interest Payment Dates” means (a) each April 1* and October 1*,
commencing October 1, 2026*; (b) any date the Bonds are called for redemption prior to maturity; (c) each
Mandatory Tender Date; (d) the Maturity Date; and (e) the date of acceleration of the Bonds.
“Interest Period” means, initially, the period from the Closing Date to and including October 1,
2026, and thereafter, the period commencing on each succeeding Interest Payment Date and ending on the
last day of that month preceding the next Interest Payment Date.
“Interest Rate” means the Initial Interest Rate to but not including the Initial Mandatory Tender
Date, and thereafter the applicable Remarketing Rate.
“Interest Rate for Advances” means the rate of 6% per annum or the rate per annum which is 2%
plus that interest rate announced by U.S. Bancorp in its lending capacity as a bank as its “Prime Rate” or
its “Base Rate,” whichever is greater and lawfully chargeable, in whole or in part.
“Investor Limited Partners” means collectively, the Federal Investor Limited Partner and the State
Investor Limited Partner.
* Preliminary; subject to change.
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