Laserfiche WebLink
(1) There shall have been obtained and filed <br />with the County a certificate of an independent firm <br />of certified public accountants of suitable experience <br />and responsibility: (i) stating that the books and <br />records of the County relating to the collection and <br />receipt of the Gross Revenues and other receipts, <br />funds and revenues pledged hereunder, if any, and the <br />Operating Expenses have been audited by them for the <br />Fiscal Year immediately preceding the date of sale of <br />the proposed obligations or for any twelve (12) <br />consecutive month period out of the eighteen (18) <br />consecutive months immediately preceding the date of <br />sale of the proposed obligations; (ii) setting forth <br />the Gross Revenues, the Operating Expenses and the Net <br />Revenues for the audited period referred to in (i) <br />above, with respect to which such certificate is made; <br />and (iii) stating that the Net Revenues, as adjusted <br />as hereinafter provided, were equal to at least 1.00 <br />times the largest amount of principal and interest <br />which will mature and become due in any Fiscal Year <br />thereafter on all Bonds then outstanding, excluding <br />the proposed Additional Parity Bonds. For purposes of <br />(iii) above Gross Revenues and other receipts, funds <br />and revenues pledged hereunder may be adjusted so as <br />to fairly represent the operation of the System, <br />provided that the amount and a detailed reason for <br />each such adjustment is set forth in such certificate; <br />and <br />(2) There shall have been obtained and filed <br />with the County a certificate of the Consulting <br />Engineers stating that the Net Revenues, as estimated <br />by the Consulting Engineers, for the first twelve (12) <br />months following completion of the project for which <br />the Additional Parity Bonds are being issued 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, including the <br />proposed Additional Parity Bonds. <br />Each resolution authorizing the issuance of Additional Parity <br />Bonds shall recite that all of the covenants herein contained will be <br />applicable to such Additional Parity Bonds. <br />Additional Parity Bonds may not be issued hereunder at any time <br />at which the County is in default in performing any of the covenants and <br />obligations assumed hereunder, or all payments herein required to have <br />been made into the accounts and funds, as provided hereunder, have not <br />been made to the full extent required. <br />- 23 - <br />