1989-046 - Laserfiche WebLink

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r 110. NO COMPETING SYSTEMS. To the full extent permitted by law, the County will not grant, renew, extend or allow to expand any franchise or permit for any system similar to the System within the service area of the System. "P. ISSUANCE OF ADDITIONAL PARITY OBLIGATIONS. Additional Parity 1 Bonds, payable on a parity from the Pledged Funds with the Bonds, may be issued i from time to time to finance any portion of the Costs of the construction and/or ` acquisition of additions, extensions and improvements to the System, or of any physically separate water or sewer system declared by resolution of the Board to be part of the System, or for refunding purposes, in the manner herein provided. "Before issuing any such Additional Parity Bonds, there shall have been obtained and filed with the County a certificate of an independent firm of certified public accountants of suitable experience and responsibility: (i) stating that the books and records of the County relating to the collection and receipt of the Revenues, the Uniform Charges 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: (a) during such audited period the County was in compliance with the rate covenant set forth in Subsection E above; and (b) the Net Revenues, adjusted as hereinafter provided, 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 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, - 30 -