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proposed release of such receipts and revenues from <br />the pledge hereunder or for any twelve (12) <br />consecutive month period out of the eighteen (18) <br />consecutive months immediately preceding such date; <br />(ii) setting forth the Gross Revenues, the Operating <br />Expenses and the Net Revenues for the audited period <br />referred to in (i) above, with respect to which such <br />certificate is made; and (iii) stating that the Net <br />Revenues, adjusted to give effect to the proposed <br />release of such receipts and revenues as if the same <br />had occurred at the beginning of such audited period, <br />were equal to at least 1.00 times the largest amount <br />of principal and interest which will mature and become <br />due in any Fiscal Year thereafter on all Bonds then <br />outstanding. For purposes of (iii) above Gross <br />Revenues and other receipts, funds and revenues <br />pledged hereunder may be further adjusted so as to <br />fairly represent the operation of the System, provided <br />that the amount and a detailed reason for each such <br />adjustment is set forth in such certificate; and <br />(2) A certificate of the Consulting Engineers <br />stating that the Net Revenues, as estimated by the <br />Consulting Engineers, for the first twelve (12) months <br />following release of such receipts and revenues shall <br />equal at least 1.00 times the largest amount of <br />principal and interest which will become due in any <br />succeeding Fiscal Year on the Bonds; and <br />(3) A certificate of the chief financial officer <br />of the County stating that the County has established <br />and will maintain a separate accounting of all <br />revenues and expenses in connection with any such <br />independent system or with respect to such Impact <br />Fees, Surcharges, Special Assessments or other <br />receipts and revenues to be released, apart from the <br />Pledged Funds. <br />SECTION 16. COVENANTS OF THE COUNTY. For so long as any of the <br />principal of and interest on any of the Bonds shall be outstanding and <br />unpaid, or until there shall have been set apart in the Sinking Fund <br />hereinafter created, a sum sufficient to pay, when due, the entire <br />principal amount of the Bonds remaining unpaid, together with interest <br />accrued and interest to accrue thereon through such payment date or until <br />the provisions of Section 20 hereof have been satisfied, the County <br />covenants with the holders of the Bonds issued pursuant to this <br />Resolution that: <br />- 16 - <br />