1989-046 - Laserfiche WebLink

Home Browse Search

eighteen (18) consecutive months immediately preceding such date; (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 the Net Revenues, adjusted to give effect to the proposed release of such receipts and revenues as if the same had occurred at the beginning of such audited period, were equal to at least 1.20 times the largest amount of principal and interest that will mature and become due in any Fiscal Year thereafter on all Bonds then outstanding. For purposes of (iii) above, (A) Revenues, Uniform Charges and Operating Expenses may be further 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 may also be adjusted for (I) the pro forma effect of rates implemented prior to the proposed release of such receipts and revenues and (II) new customers added to the System during the test period; and (C) any amounts owed to the issuer of a Reserve Account Credit Instrument (hereinafter defined) as a result of a draw thereon, as appropriate, shall be added to the principal and interest payable on Bonds to determine compliance with the foregoing test; (2) A certificate of the chief financial officer of the County stating that the County has established and will maintain a separate accounting of all revenues and expenses in connection with any such independent system or with respect to such Impact Fees, Surcharges, Special Assessments, Franchise Fees, Fees in lieu of Franchise Fees, or other receipts and revenues to be released, apart from the Pledged Funds; and (3) Written consent of the Bond Insurer, if the Bond Insurance Policy is then in effect. For purposes of this Section 15, Senior Lien Bonds Debt Service, Senior Lien Bonds Reserve Account Payments and, to the extent made from Revenues, Required Renewal Fund Payments shall be treated as Operating Expenses. All or any part of the certificate required under subparagraph (1) of this paragraph may be rendered by consulting engineers, consultants or other persons with requisite knowledge and experience who not reasonably objected to by the Bond Insurer. 21 -