1989-042 - Laserfiche WebLink

Home Browse Search

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 sale of the proposed obligations; (ii) setting forth the Revenues, the Uniform Charges, 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 either: (a) the Uniform Charges less Operating Expenses, as adjusted as hereinafter provided, were equal to at least times the largest amount of principal and interest which will mature and become due in any Fiscal Year thereafter on all Bonds then outstanding, excluding the proposed Additional Parity Bonds or (b) when Revenues include receipts and revenues in addition to the Uniform Charges, the Net Revenues, as adjusted as hereinafter provided, were equal to at least times the largest amount of principal and interest which will mature and become due in any Fiscal Year thereafter on all Bonds then outstanding, excluding the proposed Additional Parity Bonds. For purposes of (iii) above 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; and (2) There shall have been obtained and filed with the County a certificate of the Consulting Engineers stating either: (i) the Uniform Charges less Operating Expenses, as each are estimated by the Consulting Engineers, for the first twelve (12) months following completion of the project for which the Additional Parity Bonds are being issued shall equal at least times the largest amount of principal and interest which will become due in any succeeding Fiscal Year on the Bonds, including the proposed Additional Parity Bonds or (ii) when Revenues include receipts and revenues in addition to the Uniform Charges, that the Net Revenues, as estimated by the Consulting Engineers, for the first twelve (12) months following completion of the project for which the Additional Parity Bonds are being issued shall equal at least times the largest amount of principal and interest which will become due in any succeeding Fiscal Year on the Bonds, including the proposed Additional Parity Bonds. For purposes of the foregoing, Senior Lien Debt Service, Required Renewal Fund Payments and Senior Lien Bonds Reserve Account Payments shall be treated as Operating Expenses. See "FUTURE FINANCING PLANS - Prior Pledge to and Lien for Series 1986 Bonds." 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 13