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Parity Revenue Bonds then outstanding, if the conditions fixed in <br /> subparagraphs (1) and (2) of subsection A of this section are met <br /> and if the issuance of such refunding Parity Bonds does not require <br /> a greater amount to be paid out of the Sewer Revenue Fund in any <br /> calendar year thereafter for principal of and interest on such re- <br /> funding Parity Revenue Bonds than was required to be paid out of <br /> such Sewer Revenue Fund in each of the same calendar years for the <br /> payment of the principal of and interest on the bonds being re- <br /> funded, and any premiums paid to effect such redemption shall not <br /> be computed in determining any of such annual amounts . <br /> C . That the city further reserves the right to issue <br /> Parity Revenue Bonds for the purpose of acquiring, constructing <br /> and installing additions and improvements to and extensions of the <br /> System in areas annexed to the city subsequent to the adoption of <br /> this ordinance; provided that the city shall have on file in the <br /> office of the City Clerk a certificate from an independent profes- <br /> sional engineer licensed to practice in the State of Washington, <br /> showing that in his estimate, based upon an actual customer count <br /> in such area, the annual net revenue (as such term is used in sub- <br /> section A of this section) to be derived by the city from the opera- <br /> tion of such additions and improvements to and extensions of the <br /> System, will equal at least 1.5 times the average annual amount <br /> required to pay the principal of and interest on such Parity Revenue <br /> Bonds, based upon such bonds maturing serially over the life thereof, <br /> but not to exceed thirty years from date of issue, in such amounts <br /> as will require approximately equal annual debt service. <br /> D. Nothing herein contained shall prevent the city from <br /> issuing revenue bonds or warrants (coupon or otherwise) the payment <br /> of the principal of and interest on which is a charge upon the <br /> Sewer Revenue Fund junior or inferior to the payments required to <br /> be made out of such Fun9 infix the, w,nd Redemption Fund and Reserve <br /> Account . <br /> -26- <br />