Ordinance 4113 - Laserfiche WebLink

• R 2 . That the City will incorporate in each ordinance au- thorizing the issuance of Parity Bonds all of the covenants required herein to be made , agreed to and performed in the event Parity Bonds are issued. 3 . That at the time of the issuance of such Parity Bonds the City shall have on file a certificate executed by an independent consulting engineer experienced in the design, construction and operation of municipal utilities showing that one-half of the Net Revenue of the System (as such Net Revenue is hereinafter defined) for a period of any twenty-four consecutive months out of the thirty-six consecutive months immediately preceding the month of delivery of such Parity Bonds , together with his estimate of revenue available for debt service and P. U. D. No. 1 Payments (as such "revenue available for debt service and P. U. D. No. 1 Payments" are hereinafter defined) , will be equal each calendar year thereafter to at least 1. 25 times the maximum amount required in each such calendar year to pay the prin- cipal of and interest on the Prior Lien Bonds , the Bonds and any Parity Bonds then outstanding, and the P. U. D. No. 1 Payments . The words "Net Revenue" as used in subparagraph 3 imme- diately above shall mean one-half of the gross earnings and revenue of the System for said twenty-four month period adjusted to reflect any increase or decrease in water rates which became effective during such twenty-four month period, after deducting therefrom all normal expenses of maintenance and operation of the System incurred during such twenty-four month period, but before depreciation. The statement or report of the City Treasurer or Commissioner of Finance of the City showing the amount of such twenty-four month Net Revenue may be accepted by such engineer as conclusive proof thereof. 17 .