Laserfiche WebLink
9 <br /> service savings and does not require an increase of more than $5,000 in any year for principal <br /> and interest on such refunding Parity Bonds, the certificate required by subsection(1)(E) of this <br /> section need not be obtained. <br /> (b) Conditions upon the Issuance of Future Parity Bonds From and After the New <br /> Covenant Date. As long as any of Parity Bonds remain outstanding, the City hereby further <br /> covenants and agrees that it will not issue any Future Parity Bonds except that the City hereby <br /> reserves the right to issue additional water and sewer revenue bonds, which shall constitute a <br /> charge and lien upon the Revenue of the System equal to the lien thereon of the Bonds. Except <br /> as provided in subsection(c) below, the City shall not issue any series of Future Parity Bonds or <br /> incur any additional indebtedness with a parity lien or charge on Net Revenues (i.e., on a parity <br /> of lien with Parity Bonds at the time outstanding)unless: <br /> (1) the City shall not have been in default of its Rate Covenant for the <br /> immediately preceding fiscal year, without regard to transfers from the Coverage Stabilization <br /> Account; <br /> (2) The ordinance authorizing the issuance of such Future Parity Bonds shall <br /> include the covenants provided in Section 8(b)hereof; and <br /> (3) there shall have been filed a certificate (prepared as described in <br /> subsection (d) or (e) below) demonstrating fulfillment of the Parity Requirement, commencing <br /> with the first full fiscal year following the date on which any portion of interest on the series of <br /> Future Parity Bonds then being issued no longer will be paid from the proceeds of such series of <br /> Future Parity Bonds. <br /> (c) No Certificate Required. The certificate described in the foregoing <br /> subsection (b)(3) shall not be required as a condition to the issuance of Future Parity Bonds: <br /> -50- P:\20287_CMVN20287_880 0325109 <br />