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within the service area of the System. <br />P. ISSUANCE OF OTHER OBLIGATIONS. The County will not <br />issue any other obligations, except under the conditions and in <br />the manner provided herein, payable from the Pledged Funds, nor <br />voluntarily create or cause to be created any debt, lien, pledge, <br />assignment, encumbrance or other charge having priority to or being <br />on a parity with the lien of the Bonds and the interest thereon, <br />upon the Pledged Funds. The County may issue obligations other <br />than the Bonds payable from the Pledged Funds provided such <br />obligations are junior and subordinate in all respect to the Bonds <br />as to lien on and source and security for payment from the Pledged <br />Funds and such obligations contain an express statement to that <br />effect. <br />Q. ISSUANCE OF ADDITIONAL PARITY OBLIGATIONS. <br />Additional Parity Bonds, payable on a parity from the Pledged Funds <br />with the Bonds, may be issued from time to time for the <br />construction and acquisition of additions, extensions and <br />improvements to the System or for refunding purposes, in the manner <br />herein provided and upon compliance with both of the following <br />conditions: <br />(1) There shall have been obtained and filed with the <br />County a certificate of an independent firm of certified public <br />accountants of suitable experience and responsibility: (i) stating <br />that the books and records of the County relating to the <br />collection and receipt of the Surcharges and other charges pledged <br />hereunder, if any, derived from the System have been audited by <br />them for the Fiscal Year immediately preceding the date of sale of <br />the proposed obligations or for any twelve (12) consecutive month <br />period out of the eighteen (18) consecutive months immediately <br />preceding the date of sale of the proposed obligations; (ii) <br />setting forth the amount thereof received by the County for the <br />audited period referred to in (i) above, with respect to which <br />such certificate is made; (iii) stating that the amount thereof, as <br />adjusted as hereinafter provided, equal at least 1.00 times the <br />largest amount of principal and interest which will mature and <br />become due in any Fiscal Year thereafter on all Bonds then <br />outstanding, excluding the proposed Additional Parity Bonds. For <br />purposes of (iii) above Surcharges and other charges pledged <br />hereunder may be adjusted so as to fairly represent the operation <br />of the System, provided that the amount and a detailed reason for <br />each such adjustment is set forth in such certificate. <br />(2) The amount thereof as estimated by the Consulting <br />Engineers for the first twelve (12) months following completion of <br />the project for which the Additicnal Parity Bonds are being issued <br />shall equal at least 1.00 times the largest amount of principal and <br />interest which will become due in any succeeding Fiscal Year on <br />the Bonds, including the proposed Additional Parity Bonds. <br />19 <br />