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required to be made under this instrument for a period of at <br />least the next preceding 24 months, or if at such time the <br />Bonds shall not have been outstanding for 24 months, then for <br />the period.that the Bonds shall have been outstanding. <br />(c) The annual net revenues for the Fiscal Year next <br />preceding the issuance of additional parity bonds are certified by <br />.i <br />an independent certified public accountant not regularly employed by <br />the Issuer, to have been equal.to at least one and twenty -hundredths <br />(1.20) times the average annual requirements for principal and <br />interest on all the Bonds then outstanding and payable from such <br />Pledged revenues. <br />W The estimated average annual net revenues of the <br />,facility or facilities to be constructed and acquired with the <br />proceeds of such additional bonds (and any other funds pledged <br />and set aside for such purpose), when added to the estimated <br />future average annual net revenues of the then existing System <br />shall be at least one and twenty -hundredths (1.20) times the average <br />annual debt service requirements for principal and interest on all <br />outstanding Bonds payable from the revenues of the System and on the <br />additional bonds proposed to be issued. Estimates of future revenues <br />and operating expenses shall be furnished by recognized independent <br />consulting engineers and approved by the Board of County Commis- <br />sioners of the Issuer, and shall be forecast over a period of not <br />exceeding ten years from the date of' -the additional bonds proposed <br />to be issued. Provided, however, the conditions provided by this <br />paragraph and by the next preceding•paragraph (c) may be waived or <br />modified by the written consent of the holders of seventy-five per <br />centum (75%) of the Bonds then outstanding. <br />_(3) The Issuer hereby covenants and agrees that in <br />the event additional series of parity bonds are issued, it will <br />provide that the parity bonds shall mature according to a schedule <br />which most closely approximates equal annual installments of com- <br />bined principal and interest payments for such parity bonds and all <br />other Bonds payable from the revenues of the System; it will adjust <br />the required deposits into and the maximum amount to be maintained <br />in the Sinking Fund, including the Reserve Account therein, on the <br />-20- <br />B <br />JAN 2,3 198COK 33 PAGE 383 <br />