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payments under and pursuant to which are payable from Water Revenues on a parity with the payment of the 2017 Installment Sale Payments "Date of Operation"means, with respect to any uncompleted Water Project, the estimated date by which such Water Project will have been completed and, in the opinion of an Independent Engineer, will be ready for continuous and reliable operation by the City "Debt Service" means, for any Fiscal Year, the sum of(1)the interest accruing during such Fiscal Year on all outstanding Bonds, assuming that all outstanding serial Bonds are retired as scheduled and that all outstanding term Bonds are redeemed or paid from sinking fund payments as scheduled (except to the extent that such interest is to be paid from the proceeds of sale of any Bonds), (2) that portion of the principal amount of all outstanding serial Bonds maturing on the next succeeding principal payment date that would have accrued during such Fiscal Year if such principal amount were deemed to accrue daily in equal amounts from the next preceding principal payment date or dunng the year preceding the first pnncipal payment date, as the case may be, (3) that portion of the principal amount of all outstanding term Bonds required to be redeemed or paid on the next succeeding redemption date (together with the redemption premiums, if any, thereon) that would have accrued during such Fiscal Year if such principal amount (and redemption premiums) were deemed to accrue daily in equal amounts from the next preceding redemption date or during the year preceding the first redemption date, as the case may be, (4) that portion of the Installment Sale Payments required to be made at the times provided in the Contracts that would have accrued during such Fiscal Year if such Installment Sale Payments were deemed to accrue daily in equal amounts from, in each case, the next preceding Installment Sale Payment Date of interest or pnncipal or the date of the pertinent Contract, as the case may be, and (5) that portion of the 2017 Installment Sale Payments required to be made at the times provided in this 2017 Installment Sale Agreement that would have accrued during such Fiscal Year if such 2017 Installment Sale Payments were deemed to accrue daily in equal amounts from, in each case, the next preceding 2017 Installment Sale Payment Date of interest or principal or the date of this 2017 Installment Sale Agreement, as the case may be, provided, that if any of such Bonds are Capital Appreciation Bonds or if the Installment Sale Payments due under any of such Contracts are evidenced by Capital Appreciation Certificates, then the Accreted Value payment shall be deemed a principal payment and interest that is compounded and paid as Accreted Value shall be deemed due on the scheduled redemption or payment date of such Capital Appreciation Bond or Capital Appreciation Certificate "Engineer's Report" means a report signed by an Independent Engineer "Event of Default" means an event described in Section 6 01 "Federal Securities" means United States of America Treasury bills, notes, bonds or certificates of indebtedness, or obligations for which the full faith and credit of the United States of America are pledged for the payment of interest and principal "Finance Director"means the person who is the duly appointed and acting Finance Director of the City 3 27626823