1989-046 - Laserfiche WebLink

Home Browse Search

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 issuance of the Additional Parity Bonds, (ii) new customers added to the System during the test period, (iii) already existing occupied residences or operating business establishments which will be connected to the System upon completion of projects under construction or to be funded with bond proceeds, and (iv) Net Revenues attributable to customers for whom Impact Fees have been paid, and which will be connected to the System upon completion of projects under construction or to be funded with bond proceeds (provided that while the Series 1989 Bonds are otstanding and the Bond Insurance Policy is in effect, not more than 408 of the Net Revenues described in this subclause (iv) shall be used as an adjustment under this clause (B) without the consent of the Bond Insurer); and (C) any amounts owed by the County to the issuer of a Reserve Account Credit Instrument as a result of a draw thereon, as appropriate, shall be added to the principal and interest payable on the Bonds to determine compliance with the foregoing test. "For purposes of this subsection, 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 an Operating Expenses. All or any part of the certificate required under the second paragraph of this subsection may be rendered by consulting engineers, consultants or other persons with requisite knowledge and experience who are not reasonably objected to by the Bond Insurer. "Each resolution authorizing the issuance of Additional Parity Bonds shall recite that all of the covenants herein contained will be applicable to such Additional Parity Bonds. "Additional Parity Bonds may not be issued hereunder at any time while the County is in default in performing any of the covenants and obligations assumed hereunder, or all payments herein required to have been made into the accounts and funds, as provided hereunder, have not been made to the full extent required. "The foregoing conditions shall not apply with respect to Additional Parity Bonds the proceeds of which will be used to complete a project a substantial portion of the cost of which has been or will be paid out of the proceeds of Bonds issued hereunder. "The County covenants for the benefit of the Registered Owners of the Series 1989 Bonds and any other Bonds issued and outstanding hereunder that the County shall, at the time of issuance of any Additional Parity Bonds, make a deposit to the Reserve Account in the Sinking Fund created hereunder so that the Reserve Account shall have a value of cash and investments at such time - 31 -