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(z) "Plans and Specifications" means the plans and specifications prepared for the
<br />Project by the Project Engineer, as the same may be revised from time to time in accordance with
<br />this Contract.
<br />(aa) "Project" means, collectively, the Land Interests and the Facilities as described in
<br />the recitals to this Contract and in the Engineering Report, and as those terms are defined in this
<br />Section.
<br />(bb) "Project Costs" means and includes, without limitation, the following costs
<br />incurred for the Project by or on behalf of the Agency or the Sponsoring Public Entities: (i) the
<br />cost of acquisition of the Land Interests, including appraisals, closing costs and title insurance
<br />policies; (ii) the cost of acquisition, construction, repair, replacement, improvement or
<br />decommissioning of the Facilities, and any structure, item of equipment, or other item, used for,
<br />or in connection with, the Project; (iii) the cost of site preparation of the Land Interests, including
<br />demolition or removal of structures and improvements as necessary or incident to accomplishing
<br />the Project; (iv) the cost of engineering, legal, architectural or other related services; (v) the
<br />preparation cost of plans, specifications, studies, surveys, cost estimates, and other expenses
<br />necessary or incident to planning, providing, or financing the Project; (vi) the cost of machinery,
<br />equipment, furnishings, and facilities necessary or incident to placing the Project in operation;
<br />(vii) finance charges and interest before, during, and after construction as permitted by the laws
<br />of the State; (viii) costs incurred in connection with financing the project, including, without
<br />limitation: (1) financing, legal, accounting, financial advisory, rating agency, and auditing fees,
<br />expenses and disbursements; (2) the cost of printing, engraving, and reproduction services; and
<br />(3) the cost of a trustee's or paying agent's initial or acceptance fee and subsequent fees; (ix) all
<br />costs, fees and expenses of litigation of all kinds; (x) the cost of property casualty and public
<br />liability insurance; (xi) the fees and costs of the underwriters as the anticipated purchasers of the
<br />Bonds; (xii) reimbursement of the costs previously incurred by the Sponsoring Public Entities
<br />with respect to the Project; and (xiii) other costs generally recognized as a part of Project
<br />construction costs.
<br />(cc) "Project Engineer" means such engineering firm or firms as may be selected by
<br />the Agency.
<br />(dd) "Prudent Utility Practice" means any of the practices, methods, and acts, in the
<br />exercise of reasonable judgment, in the light of the facts, including but not limited to the
<br />practices, methods, and acts engaged in or approved by a significant portion of the public utility
<br />industry prior thereto, known at the time the decision was made, that would have been expected
<br />to accomplish the desired result at the lowest reasonable cost consistent with reliability, safety,
<br />and expedition. It is recognized that Prudent Utility Practice is not intended to be limited to the
<br />optimum practice, method, or act at the exclusion of all others, but rather is a spectrum of
<br />possible practices, methods, or acts which could have been expected to accomplish the desired
<br />result at the lowest reasonable cost consistent with reliability, safety, and expedition. In the case
<br />of any facility included in a Sponsoring Public Entity's System which is owned in common with
<br />one or more other entities, the term "Prudent Utility Practice," as applied to such facility, shall
<br />have the meaning set forth in the agreement governing the operation of such facility.
<br />(ee) "Rule" means SEC Rule 15c2-12, as amended from time to time.
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