Ordinance 2298-98 - Laserfiche WebLink

(5) Prior to the delivery of any future Parity Bonds the City shall have on file in the office of the Clerk of the City a certificate of an independent professional engineer or certified public accountant dated not earlier than ninety (90) days prior to the date of delivery of such future Parity Bonds and showing that the Net Revenue, determined and adjusted as hereinafter provided for each calendar year after the issuance of such Parity Bonds (the "Adjusted Net Revenue"), together with Assessment Income, will at least equal the Coverage Requirement, calculated as of December 31 of the preceding calendar year. For purposes of calculating the Coverage Requirement, the Parity Bonds proposed to be issued shall be deemed to be outstanding Parity Bonds. The Adjusted Net Revenue shall be the Net Revenue, together with Assessment Income, for a period of any twelve consecutive months out of the twenty-four months immediately preceding the date of delivery of such proposed Parity Bonds, as adjusted by such engineer or accountant to take into consideration changes in Net Revenue estimated to occur under one or more of the following conditions for each year after such delivery for so long as any Parity Bonds, including the Parity Bonds proposed to be issued, shall be outstanding: (a) any increase or decrease in Net Revenue that would result if any change in rates and charges adopted by the Council prior to the date of such certificate and subsequent to the beginning of such twelve-month period, had been in force during the full twelve-month period; (b) any increase or decrease in Net Revenue estimated by such engineer or accountant to result from any additions, betterments and improvements to and extensions of any facilities of the System that (i) became fully operational during such twelve- month period, (ii)were under construction at the time of such certificate, or (iii)will be constructed from the proceeds of the Parity Bonds to be issued; -35- DOTOQS DOC 98/04/28