Ordinance 3211-11 - Laserfiche WebLink

Bonds then being issued will not be paid from the proceeds of such series of Future Parity Bonds. (e) Certificate of a Consultant. Unless compliance with the requirements of subsection(b)(3) have been otherwise satisfied (as provided in (c) or (d) 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 certificate, adjusted to reflect a full year's net revenue from each such customer to the extent such net revenue was not included in(1) above. (3) The estimated annual net revenue to be derived from any person, firm, association, private or municipal corporation under any executed contract for service, which net revenue was not included in any of the sources of net revenue described in this subsection(e). (4) The estimated annual net revenue to be derived from the operation of any additions or improvements to or extensions of the City under construction but not completed at the time of such certificate and not being paid for out of the proceeds of sale of such Future Parity Bonds being issued, and which net revenue is not otherwise included in any of the sources of net revenue described in this subsection(e). -50- P:\20287 CMW\20287 960 02/07/11