Ordinance 3768 - Laserfiche WebLink

bonds or warrants are redeemed, to satisfy the above requirement . That the city will also covenant in each ordinance authorizing the issuance of Parity Revenue Bonds that payments will be made out of the Sewer Revenue Fund into the Bond Redemption Fund by the twentieth day of each month in amounts equal to at least one- sixth of the interest and one-twelfth of the principal next coming due on such Parity Revenue Bonds . And (3) That at the time of the issuance of such Parity Revenue Bonds the city shall have on file in the office of the City Clerk a certificate executed by an independent professional engineer licensed to practice in the State of }:lashington and ex- perienced in the installation and operation of municipal utilities, showing that the net revenue of the System for a period of any twelve months out of the fifteen months immediately preceding the delivery of such Parity Revenue Bonds, plus his estimate of the annual net revenue to be derived by the city from the operation of any additions and improvements to and extensions of the System to be acquired, constructed and installed out of the proceeds of the sale of such Parity Revenue Bonds, will equal at least 1 .35 times the maximum amount required in any calendar year thereafter for the payment of the principal of and interest on all outstanding bonds the principal of and interest on which are payable out of the Bond Redemption Fund and the Parity Revenue Bonds to be issued. The words "net revenue" as first used in subparagraph (3) immediately above shall mean the gross earnings and revenue of the System for said twelve-month period after deducting therefrom the amount expended for the normal cost of maintenance and operation of the System for such twelve months (including pro rata budget charges for city departments as provided in Section 7 above) , but before depreciation and before any transfer of moneys to any funds of the city other than the Bond Redemption Fund and taxes or pay- -24-