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9 <br /> (1) That the Improvement Bonds are being issued for the purpose of providing funds <br /> to acquire, construct, reconstruct, install, or replace equipment, facilities, additions, betterments, <br /> or other capital improvements to the System for which it is authorized by law to issue revenue <br /> bonds and the Refunding Bonds are being issued for the purpose of refunding outstanding <br /> revenue bonds payable out of the Revenue of the System; <br /> (2) There is not now and there will not be, at the time of the issuance of Bonds, any <br /> deficiency in the Revenue Bond Fund or any accounts therein. <br /> (3) There are no assessments levied in any utility local improvement district to pay <br /> for additions and improvements to and extensions of the System which will be constructed from <br /> the proceeds of the Bonds. <br /> (4) The principal of and interest on the Bonds is payable out of the Revenue Bond <br /> Fund. <br /> (5) The Reserve Requirements shall be met no later than the date of issuance of the <br /> Bonds. <br /> (6) Prior to the delivery of the Bonds the City shall have on file in the office of the <br /> Clerk of the City a certificate of an independent professional engineer or certified public <br /> accountant dated not earlier than ninety (90) days prior to the date of delivery of the Bonds and <br /> showing that the Net Revenue, determined and adjusted as provided for in each of the ordinances <br /> authorizing the issuance of the Outstanding Parity Bonds ("Adjusted Net Revenue") in each <br /> calendar year after the issuance of the Bonds, together with Assessment Income, will at least <br /> equal the Coverage Requirement, calculated as of December 31, 2008. <br /> r ,-? <br /> vd <br /> -22- P:120287 CMW120287 880 03/25/09 <br />