Ordinance 3211-11 - Laserfiche WebLink

more than $5,000 in any year for principal and interest on such refunding Parity Bonds, the certificate required by subsection(1)(E) of this section need not be obtained. (b) Conditions upon the Issuance of Future Parity Bonds From and After the New Covenant Date. As long as any of Parity Bonds remain outstanding, the City hereby further covenants and agrees that it will not issue any Future Parity Bonds except that the City hereby reserves the right to issue additional water and sewer revenue bonds, which shall constitute a charge and lien upon the Revenue of the System equal to the lien thereon of the Bonds. Except as provided in subsection(c) below, the City shall not issue any series of Future Parity Bonds or incur any additional indebtedness with a parity lien or charge on Net Revenues (i.e., on a parity of lien with Parity Bonds at the time outstanding)unless: (1) the City shall not have been in default of its Rate Covenant for the immediately preceding fiscal year, without regard to transfers from the Coverage Stabilization Account; (2) The ordinance authorizing the issuance of such Future Parity Bonds shall include the covenants provided in Section 8(b) hereof; and (3) there shall have been filed a certificate (prepared as described in subsection(d) or (e) below) demonstrating fulfillment of the Parity Requirement, 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 no longer will be paid from the proceeds of such series of Future Parity Bonds. (c) No Certificate Required. The certificate described in the foregoing subsection(b)(3) shall not be required as a condition to the issuance of Future Parity Bonds: (1) if the Future Parity Bonds being issued are for the purpose of refunding outstanding Parity Bonds; or (2) if the Future Parity Bonds are being issued to pay costs of construction of facilities of the System for which Future Parity Bonds have been issued previously and the principal amount of such Future Parity Bonds being issued for completion purposes does not exceed an amount equal to an aggregate of 15% of the principal amount of Future Parity Bonds theretofore issued for such facilities and reasonably allocable to the facilities to be completed as shown in a written certificate of the Chief Financial Officer, and there is delivered a Designated Representative's certificate stating that the nature and purpose of such facilities has not materially changed. (d) Certificate of the City Without A Consultant. If required pursuant to the foregoing subsection(b)(3), a certificate may be delivered by the City (executed by the Chief Financial Officer) 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 -79- P:120287 CMW120287 960 02/07/11