O-1988-1595 - Laserfiche WebLink

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e - Revenues for the most recent complete fiscal year, as certified by a Certified Public Accountant or firm of Certified Public Accountants, were equal to at least 1.2 tirnes the average annual principal and interest requirernents for all Bonds and Additional Bonds then outstanding and for the series of Additional Bonds then proposed to be issued~ provided, however, should the certificate of the accountant certify that the Net Revenues for the period covered thereby were less than required above, and a change in the rates and charges for services provided by the Authority pursuant to the Water Sales Contracts became effective at least 60 days prior to the scheduled date of adoption of the resolu- tion authorizing such Additional Bonds, then such Additional Bonds may nevertheless be issued if an independent engineer or engineering firrn having a favorable reputation with respect to such rnatters certifies that, had such change in rates and charges been effective for the period covered by the accoun- tant's certificate, the Net Revenues for the period covered by the accountant's certificate would have rnet the test specified above~ and (d) The Additional Bonds are rnade to mature on December 1 in each of the years in which they are scheduled to mature. 8.02. Completion Indebtedness. The Authority reserves the right to issue Additional Bonds on a parity in all respects with the Bonds secured by a first lien on and pledge of Net Revenues in the same manner and to the same extent as are the Bonds. Such Additional Bonds rnay be issued without cornplying with the provisions of Section 8.01 (a), (b) or (c), provided that such Additional Bonds are issued solely for the purpose of providing the financing for (a) amounts payable under the Houston Contract to purchase the initial undivided interest in the Southeast Plant~ and (b) the completion of the initial Distribution Systern and the Transmission System as contemplated by the Water Sales Contracts. Any such Additional Bonds shall be made to mature on December 1 in the years in which they are scheduled to mature. 8.03. Refunding Bonds. The Authority reserves the right to issue Additional Bonds on a parity in all respects with the Bonds to refund all or any part of the Bonds, Additional Bonds or other indebtedness of the Author- ity then outstanding (pursuant to any applicable law then in effect) upon such terms and conditions as the Board of 022DESAO/024C04 -26-