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_JUN 2 5 19 80 Boa 43 PAGE'943 7 (2) The Issuer shall have the right to finance addi- tional water and/or sewer facilities and related auxiliary facilities, by the issuance of one or more additional series of Bonds to be secured by a parity lien on and ratably payable from the Gross Revenues and any other security pledged to the Bonds, provided in each instance that: (a) The facility or facilities to be acquired or built from the proceeds of the additional parity Bonds is or are made a part of the System and its or their revenues are pledged as addi- tional security for the additional parity Bonds and the outstanding Bonds. (b) The Issuer is in compliance with all covenants and undertakings of the Issuer (i) herein contained, in connection with all Bonds then outstanding and (ii) made with respect to any other bonds or other obligations of the Issuer payable from the Gross Revenues or any part thereof; and has not been in default as to any payments required to be made under this Instrument for a period of at least the next preceding 24 months, or if at such time the Bonds shall not have been outstanding for 24 months, then for the period that the Bonds shall have been outstanding. (c) The annual Net Revenues for the Fiscal Year next preceding the issuance of additional parity bonds are certified by an independent certified public accountant not regularly employed by the Issuer, to have been equal to at least one and twenty -hundredths (1.20) times the average annual requirements for the payment of the principal of and interest on all Bonds then outstanding. (d) The estimated average annual net revenues of the facility or facilities to be constructed and acquired with the proceeds of such additional Bonds (and any other funds pledged and set aside for such purpose), when added to the estimated future average annual Net Revenues of the then existing System, shall be at least one and twenty -hundredths (1.20) times the average annual debt service requirements for principal and interest on all outstanding Bonds and on the additional Bonds proposed to be issued. Estimates of future revenues and Operating Expenses shall be furnished by recognized independent consulting engineers and approved by the Board of County Commissioners of the Issuer and by the Chairman thereof, and shall be forecast over a period of not exceeding ten (10) years from the date of the additional Bonds proposed to be issued. Provided, however, the conditions provided by this paragraph and by the next preceding paragraph (c) may be waived or modified by the written consent of the holders of seventy-five per centum (75%) of the Bonds then outstanding. -25- M M