1991-151 - Laserfiche WebLink

Home Browse Search

11 (i) stating that the books and records of the County relating to the collection and receipt of the Revenues and the Operating Expenses have been audited by them for the Fiscal Year immediately preceding the date of sale of the proposed obligations or for any twelve (12) consecutive month period out of the eighteen (18) consecutive months immediately preceding the date of ale of the proposed obligations; (ii) setting forth the Revenues, the Uniform Chugs, the Operating Expenses and the Net Revenues for the audited period referred to in (i) above, with respect to which such certificate is made; and (iii) stating that: (a) during such audited period, the County was in compliance with the rate covenant previously discussed; and (b) the Net Revenues, as adjusted u hereinafter provided, were equal to at least 1.20 times the largest amount of principal and interest which will mature and become due in any Fiscal Year thereafter on all Bonds then outstanding, including the proposed Additional Parity Bonds; and when the Revenues include receipts and revenues in addition to Uniform Charges, the Uniform Changs las Operating Expenses, adjusted u hereinafter provided, were equal to at lead 1.00 times the largest amount of principal and interest that will mature and become due in any Fiscal Year thereafter on all Bonds outstanding, including the proposed Additional Parity Bonds. For purposes of (w) above: (A) Revenues, Uniform Charges, and Operating Expenses may be adjusted so as to fairly represent the operation of the System, provided that the amount and a detailed reason for each such adjustment is set forth in such certificate; (B) Net Revenues also may be adjusted for (i) the pro form effect of rates implemented prior to issuance of the Additional Parity Bonds, (ii) new customers added to the System during the ted period, (w) already existing occupied residences or operating business establishments which will be connected to the System upon completion of projects under construction or to be funded with bond proceeds, and (iv) Net Revenues attributable to customers for whom Impact Fees have been paid, and which will be connected to the System upon completion of projects under construction or to be funded with bond proceeds (provided that while the Series 1989 Bonds or the Series 1991 Bonds are outstanding and the 1989 Bond Insurance Policy or the 1991 Bond Insurance Policy is in effect, not more than 40% of the Net Revenues described in this subclause (iv) shall be used as an adjustment under this clause (B) without the consent of the Bond Insurer); and (C) any amounts owed by the County to the issuer of a Reserve Account Credit Instrument as a result of a draw thereon, as appropriate, shall be added to the principal and interest payable thereon on the Bonds to determine compliance with the foregoing teat. For purposes of the foregoing, Senior Lien Debt service, Required Renewal Fund Payments and Senior Lien Bonds Reserve Account Payments shall be treated u Operating Expenses. All or any part of the certificate required under the second paragraph of this subsection may be rendered by consulting engineers, consultants or other persons with requisite knowledge and experience who are not reasonably objected to by the Bond Insurer. Additional Parity Bonds may not be issued at any time at which the County is in default in performing any of the covenants and obligations under the Resolution, or all payments herein required to have been made into the accounts and funds, as provided under the Resolution, have not been made to the full extent required. The foregoing conditions shall not apply with respect to Additional Parity Bonds the proceeds of which will be used to complete a project a substantial portion of the cost of which has been or will be paid out of the proceeds of Bonds issued under the Resolution. The County covenants for the benefit of the Registered Owners of the Series 1991 Bonds and any other Bonds issued and outstanding under the Resolution that the County shall, at the time of issuance of any Additional Parity Bonds, make a deposit to the Reserve Account in the Sinking Fund created under the Resolution so that the Reserve Account shall have a cash and investments at such time equal to the maximum amount of principal and interest on all outstanding Bonds (including the Additional Parity Bonds and giving effect to the retirement of any Bonds being refunded with proceeds of the Additional Parity Bonds) becoming due in any ensuing fiscal year, unless the Bond Insurer shall agree otherwise. The County presently has outstanding an aggregate of $3,900,000, 6 7/8 % Water Revenue Bonds, Series 1988, Anticipation Notes due December 1, 1991 (the "Series 1988 Notes"). The Series 1988 Notes were issued in anticipation of the receipt by the County of the proceeds from the future sale of its Water Revenue Bonds, Series 1988 which were authorized in an amount up to $4,000,000, but were not issued. Rather, the County intends to fund the retirement of the Series 1988 Notes from a portion of the proceeds of the sale of the Series 1991 Bonds. See "PURPOSE OF THE SERIES 1991 BONDS" and "ESTIMATED SOURCES AND USES OF FUNDS."