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<br />... . <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />e <br /> <br />. . <br /> <br />. <br /> <br />. <br /> <br />Section 18. ADDITIONAL BONDS. The City reserves the <br /> <br />right to issue add~tional parity revenue bonds, to be known as <br /> <br />Additional Bonds, which when issued and delivered, shall be pay- <br /> <br />able from and secure9 by a first lien on and pledge of the Net <br /> <br />Revenues of the Airport, in the same manner and to the same <br /> <br />extent as the Bonds; and the Bonds and all Additional Bonds shal <br /> <br />in all respects be on a parity and of equal dignity. The Addi- <br /> <br />tional Bonds may be issued in one or more installments or series <br /> <br />provided, however, that no installment or series of Additional <br /> <br />Bonds shall be issued' unless: <br /> <br />(a) A certificate is executed by the Mayor and City <br /> <br />Clerk of 'said C~ty to the effect that no default exists in <br /> <br />'connection with any of the covenants or requirements of the <br /> <br />, <br />ordinance or ordinances authorizing the issuance of all then <br /> <br />outstanding Bonds and Additional Bonds; <br /> <br />(b)' A certificate is executed by the Mayor and City <br /> <br />Clerk of said City to the effect that the Interest and Sinking <br /> <br />Fund and the Reserve'Fund each contains the amount then required <br /> <br />to be on deposit therein; <br /> <br />(c) A certificate is executed by a Certified Public ~ <br /> <br />Accountant to the effect that, in his opinion, the Net Earnings <br /> <br />of the Airport' either for the last complete fiscal year of the <br /> <br />City, or for any twelve consecutive calendar month period ending <br /> <br />not more than ninety days prior to the passage of the ordinance <br /> <br />authorizing the issuance of such Additional Bonds, were at least <br /> <br />1-1/2 times the average annual principal and interest require- <br /> <br />ments for all then outstanding Bonds and Additional Bonds, and <br /> <br />for the installment or series of Additional Bonds then proposed <br /> <br />to be issued; and the term "Net Earnings," 'as used in this sub- <br /> <br />paragraph (c) ,shall mean the Net Revenues of the Airport, but <br /> <br />excluding and not deducting, any charges or disbursements which <br /> <br />under standard accounting practice, should be charged to <br />