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showing that the Net Revenue, determined and adjusted as provided for 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 of the year 2004. <br />The applicable parity conditions set forth in Ordinance Nos. 2208-97, 2607-02 and <br />2690-03 having been complied with, the Bonds shall be issued on a parity of lien with the <br />Outstanding Parity Bonds. <br />The City hereby further covenants and agrees that the Bonds will not be issued and <br />delivered to the purchasers thereof as bonds on a parity with the Outstanding Parity Bonds until <br />the certificate required herein, in form and contents satisfactory to the City and its counsel, has <br />been filed with the City. <br />Section 3. Authorization of Projects; Authorization of Bonds and Bond Details. <br />(a) Authorization of Projects. The Bonds are being issued to provide funds to <br />pay the costs of the projects listed below. The Council hereby finds that the public interest, <br />welfare and convenience requires that the City make the following additions, betterments and <br />extensions of the System: <br />-12- P:\CMW\CMW6WH 09/06/05 <br />