Ordinance 2870-05 - Laserfiche WebLink

future Parity Bonds, the ordinance authorizing the future Parity Bonds shall require such assessments to be paid into the Revenue Bond Fund. (4) The principal of and interest on the future Parity Bonds shall be payable out of the Revenue Bond Fund, and provision for the funding of the Reserve Requirement in Section 7(c) applicable to the issuance of Future Parity Bonds shall be met. (5) Prior to the delivery of any future Parity Bonds the City shall have on file in the office of the Clerk of the City a certificate of an independent professional engineer or certified public accountant dated not earlier than ninety (90) days prior to the date of delivery of such future Parity Bonds and showing that the Net Revenue, determined and adjusted as hereinafter provided for each calendar year after the issuance of such Parity Bonds (the "Adjusted Net Revenue"), together with Assessment Income, will at least equal the Coverage Requirement, calculated as of December 31 of the preceding calendar year. For purposes of calculating the 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: (i) any increase or decrease in Net Revenue that would result if any change in rates and charges adopted by the Council prior to the date of such certificate and -35- P:\CMW\CMW6WH 09/06/05