Ordinance 2208-97 - Laserfiche WebLink

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 which 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 which (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; (c) the additional Net Revenue which would have been received if any customers added to the System during such twelve-month period had been customers for the entire period. Such engineer or accountant shall base his certification upon, and his certificate shall have attached thereto, financial statements of the System audited by the State Examiner (unless such an audit is not available for a twelve-month period within the preceding twenty-four months) and certified by the City Treasurer, showing income and expenses for the period upon which the same is based. -30- FWWOBU.DOC 97/03/04