2023/04/05 Council Agenda Packet

theretofore issued for such facilities and reasonably allocable to the facilities to be completed as shown in a written certificate of the Finance Director -Treasurer, and there is delivered a Designated Representative's certificate stating that the nature and purpose of such facilities has not materially changed. (c) Certificate of the City Without A Consultant. If required pursuant to the foregoing subsection (a)(3), a certificate may be delivered by the City (executed by the Finance Director - Treasurer) without a Consultant if Net Revenues for the Base Period (confirmed by an audit) conclusively demonstrate that the Parity Requirement will be fulfilled commencing with the first full fiscal year following the date on which any portion of interest on the series of Future Parity Bonds then being issued will not be paid from the proceeds of such series of Future Parity Bonds. (d) Certificate of a Consultant. Unless compliance with the requirements of subsection (a)(3) have been otherwise satisfied (as provided in (b) or (c) above), compliance with the Parity Requirement shall be demonstrated conclusively by a certificate of a Consultant. In making the computations of Net Revenues for the purpose of certifying compliance with the Parity Requirement, the Consultant shall use as a basis the Net Revenues (which may be based upon unaudited financial statements of the City if the audit has not yet been completed) for the Base Period. Such Net Revenues shall be determined by adding the following: (1) The historical net revenue of the City for the Base Period being issued as determined by a Consultant. (2) The net revenue derived from those customers of the City that have become customers during such 12-month period or thereafter and prior to the date of such -44- 506242089.1