Ordinance 713-80 - Laserfiche WebLink

(5) Prior to the delivery of any Parity Bonds the City shall have on file in the office of the Clerk a certificate of an independent professional engineer or certified public accountant dated not earlier than 90 days prior to the date of delivery of such future Parity Bonds and showing that the Net Revenue, determined and adjusted as hereafter provided for each calendar or fiscal year after the issuance of such Parity Bonds (the "Adjusted Net Revenue") , together with Assessment Income, will equal at least 1. 25 times the amount required in any such year for the payment of the principal of and interest on all Parity Bonds then outstanding, includ- ing the Parity Bonds proposed to be issued. In the event the City issues any Term Parity Bonds, and provides for the payment thereof by a mandatory schedule of payments into a Sinking Fund Account in the Bond Fund, the words "principal of and interest on all outstanding Parity Bonds" in the preceding sentence shall be deemed to exclude from "principal" an amount of Term Bonds equal to such mandatory payments , and from "interest" the interest on such Term Bonds subsequent to the date of the respective deposits, and to include in lieu thereof the mandatory sinking fund deposits as of the date required and interest on Term Bonds provided for by such deposits only to the dates of the respective deposits . The Adjusted Net Revenue shall be the Net Revenue 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 con- ditions for each year after such delivery for so long as any Parity Bonds, including the Parity Bonds proposed to be issued, shall be outstanding: -21-