1988-044 - Laserfiche WebLink

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within the service area of the System. P. ISSUANCE OF OTHER OBLIGATIONS. The County will not issue any other obligations, except under the conditions and in the manner provided herein, payable from the Pledged Funds, nor voluntarily create or cause to be created any debt, lien, pledge, assignment, encumbrance or other charge having priority to or being on a parity with the lien of the Bonds and the interest thereon, upon the Pledged Funds. The County may issue obligations other than the Bonds payable from the Pledged Funds provided such obligations are junior and subordinate in all respect to the Bonds as to lien on and source and security for payment from the Pledged Funds and such obligations contain an express statement to that effect. Q. ISSUANCE OF ADDITIONAL PARITY OBLIGATIONS. Additional Parity Bonds, payable on a parity from the Pledged Funds with the Bonds, may be issued from time to time for the construction and acquisition of additions, extensions and improvements to the System or for refunding purposes, in the manner herein provided and upon compliance with both of the following conditions: (1) 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 Surcharges and other charges pledged hereunder, if any, derived from the System 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 amount thereof received by the County for the audited period referred to in (i) above, with respect to which such certificate is made; (iii) stating that the amount thereof, as adjusted as hereinafter provided, equal at least 1.00 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 Surcharges and other charges pledged hereunder 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. (2) The amount thereof as estimated by the Consulting Engineers for the first twelve (12) months following completion of the project for which the Additicnal Parity Bonds are being issued shall equal at least 1.00 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. 19