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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 />