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rates and charges for water supplied (and for sanitary sewage <br /> collection and disposal service furnished in the event that <br /> the sanitary sewerage system of the city is combined with the <br /> water system) sufficient to meet the requirements of Section <br /> 11(a) of Ordinance No. 3633. <br /> Fourth, that the City Council has been assured that at the <br /> time of the issuance of the Bonds the city will have on file a <br /> certificate executed by F. T. Osborne of Gray & Osborne, con- <br /> sulting engineers, Yakima, Washington, who is an independent <br /> consulting engineer licensed to practice in the State of Washington <br /> and experienced in the installation and operation of municipal <br /> utilities, showing that the net revenue of the System (as such <br /> net revenue is defined in Section 12 (3) of Ordinance No. 3633) <br /> for a period of twelve consecutive months out of the fifteen <br /> months immediately preceding the month of delivery of the Bonds, <br /> plus his estimate of the annual net revenue (as such annual net <br /> revenue is defined in Section 12 (3) of Ordinance No. 3633) to <br /> be derived by the city from the operation of the additions and <br /> improvements to and extensions of the System being acquired, <br /> constructed and installed out of the proceeds of sale of the <br /> Bonds, will equal at least 1.25 times the maximum amount required <br /> in any calendar year hereafter for the payment of the principal <br /> of and interest on the Outstanding Prior Lien Bonds, the Out- <br /> standing Parity Bonds, and the Bonds. <br /> The conditions contained in Section 12 of Ordinance No. 3633 <br /> having been complied with or assured, the payments required herein to <br /> be made out of the gross revenue of the System into the Bond Redemption <br /> Fund and the Reserve Account to pay and secure the payment of the prin- <br /> cipal of and interest on the Bonds shall constitute a lien and charge <br /> upon such gross revenue equal in rank with the lien and charge thereon <br /> for the payments required to be made into the Bond Redemption Fund and <br /> the Reserve Account to pay and secure the payment of the principal of <br /> and interest on the Outstanding Parity Bonds. <br /> -4- <br />