System Revenues definition
Examples of System Revenues in a sentence
Mr. Wild provided the Board with a brief overview of the requisition summary, which includes requisition numbers 25-29 for the Series 2022-1 Bonds and requisition numbers 16-20 for the Series 2022-2 Bonds, together totaling $913,855.49.
Available System Revenues means all auxiliary revenues of a System less operating expenses and after payment of debt service on Outstanding System Obligations of the University to which such revenues have been pledged for repayment.
General Revenues means all nonappropriated income, revenues, including Available System Revenues attributable to auxiliary systems established under RCW 28B.10.300, except as specifically provided below, and receipts of the University if and to the extent such funds are not restricted in their use by law, regulation, or contract.
As indicated, part of this is accomplished by limiting Operating Expenses to those incurred plus being due and payable while excluding non- cash/expenditure items such as depreciation and amortization along with expenditures that are more properly spread out over more than one accounting period such as those that are capitalized or their purchase is from borrowed funds, not System Revenues.
Since Operating Expenses is a crucial component in the mathematics for what of the System Revenues is available for payment of the Parity Security Holders, only one version for Operating Expenses is possible under the Indenture.