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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 Charges less Operating Expenses, adjusted as hereinafter provided, were equal to at least 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 (iii) 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 forma effect of rates implemented prior to issuance of the Additional Parity Bonds, (ii) new customers added to the System during the test period, (iii) already existing occupied residences or operating business establishments which will be Eonnected 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 1993 Bonds are outstanding and the Series 1993 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 test. 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 Master Bond Resolution, or all payments herein required to have been made into the accounts and funds, as provided under the Master Bond 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 Master Bond Resolution. +. The County covenants for the benefit of the Registered Owners of the Series 1993 Bonds and any other r Bonds issued and outstanding under the Master Bond 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 ( Master Bond Resolution so that the Reserve Account shall have a cash and investments at such time equal to the lesser of (i) the Reserve Account Requirement (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 h' ensuing fiscal year; or (ii) such amount as will not adversely affect the exclusion of interest on the Series 1993 Bonds from the gross income of the holders of the Series 1993 Bonds. junior Len Bonds tx` The County is authorized to issue obligations other than Bonds payable from the Pledged Funds provided such obligations are junior and subordinate in all respects to the Bonds as to lien on and source and t.: security for payment from the Pledged Funds and such obligations contain an express statement to that effect. 13