2011/03/02 Council Agenda Packet

�. 0 (5) The Reserve Requirements shall be met no later than the date of issuance of the Bonds. • (6) Prior to the delivery of the 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 the Bonds and showing that the Net Revenue, determined and adjusted as provided for in each of the ordinances authorizing the issuance of the Outstanding Parity Bonds ("Adjusted Net Revenue") in each calendar year after the issuance of the Bonds, together with Assessment Income, will at least equal the Coverage Requirement, calculated as of December 31, 2010. The applicable parity conditions set forth in Ordinance Nos. 2607-02, 2690-03, 2870-05 and 3123-09 having been complied with, the Bonds shall be issued on a parity of lien with the Outstanding Parity Bonds. The City hereby further covenants and agrees that the Bonds will not be issued and delivered to the purchasers thereof as bonds on a parity with the Outstanding Parity Bonds until the certificate required herein, in form and contents satisfactory to the City and its counsel, has been filed with the City. Section 3. Authorization of Projects . The Bonds are being issued to provide funds to reimburse the City for previously incurred capital expenditures (designated for reimbursement) and to pay the costs of acquiring, constructing and installing certain additions and betterments to and extensions of the City's water and sewer system (the"Projects"). The City shall provide all equipment, connections and appurtenances together with all work as may be incidental and necessary to complete the Projects. The Project facilities shall be integrated into the System as required to provide a fully operational facility. 92 -21- P:\20287 CMW120287 960 02/07/11