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506242089.1 <br /> <br /> -45- <br /> <br />certificate, adjusted to reflect a full year’s net revenue from each such customer to the extent <br />such net revenue was not included in (1) above. <br />(3) The estimated annual net revenue to be derived from any person, firm, <br />association, private or municipal corporation under any executed contract for service, which net <br />revenue was not included in any of the sources of net revenue described in this subsection (d). <br />(4) The estimated annual net revenue to be derived from the operation of any <br />additions or improvements to or extensions of the City under construction but not completed at <br />the time of such certificate and not being paid for out of the proceeds of sale of such Future <br />Parity Bonds being issued, and which net revenue is not otherwise included in any of the sources <br />of net revenue described in this subsection (d). <br />(5) The estimated annual net revenue to be derived from the operation of any <br />additions and improvements to or extensions of the City being paid for out of the proceeds of <br />sale of such Future Parity Bonds being issued. <br />In the event the City will not derive any revenue as a result of the construction of the <br />additions, improvements or extensions being made or to be made to the System within the <br />provisions of subparagraphs (4) and (5) immediately above, the estimated normal Costs of <br />Maintenance and Operation (excluding any transfer of money to other funds of the City and <br />license fees, taxes and payments in lieu of taxes payable to the City) of such additions, <br />improvements and extensions shall be deducted from estimated annual net revenue. <br />The words “historical net revenue” or “net revenue” as used in this subsection (d) shall <br />mean the Revenue or any part or parts thereof less the normal expenses of maintenance and <br />operation of the System or any part or parts thereof, but before depreciation.