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-. � <br /> � ' ' debt and by the dividend rate in the case of preferred stock, <br /> and dividing by the net proceeds of the issue. <br /> Subd. 7. "Net proceeds" in the case of long-term <br /> debt capital means the principal amount issued, plus <br /> premiums received, less issuance expense and discounts. In <br /> the case of short-term debt capital, the term means the sum <br /> of a) the principal amount of bank loans outstanding, and <br /> b) the principal amount of commercial notes, less prepaid <br /> interest. In the case of preferred stock, the term means <br /> the stated value plus premiums, less issuance expense and <br /> discounts. In the case of re-acquisition, retirement or <br /> refunding of long-term debt or preferred stock, the call <br /> premiums, expenses and discounts are to be considered as <br /> part of the over-all cost of capital. <br /> Subd. 8. "Actual Net Earnings" for the year 1973 <br /> means actual gross revenues of Company received for electric <br /> utility service furnished in the Metro Area less operating <br /> expenses reasonably incurred in rendering such service. <br /> For subsequent years said term means gross revenues of Company <br /> for electric utility service furnished in the Metro Area <br /> computed at the Metro Area Rates, less operating expenses <br /> reasonably incurred in rendering such service. To the <br /> resulting net income shall be added that portion <br /> of the amount credited under the Uniform System of Accounts <br /> to Allowance for Funds Used During Construction applicable <br /> 13 <br />