1977-110 - Laserfiche WebLink

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Any other obligations issued by the Issuer in addition to the Obligations herein authorized or Additional Parity Obligations provided for in subsection R below, payable from such Revenues, shall contain an express statement that such obligations are junior and subordinate in all respects to the Obligations, herein authorized, as to lien on and source and security for payment from such Revenues. R. ISSUANCE OF ADDITIONAL PARITY OBLIGATIONS. Additional Parity Obligations, payable on a parity from the Net Revenues of the Facilities with the Obligations, herein authorized, may be issued after the issuance of any Obligations, herein authorized, for the construction and acquisition of additions, extensions and improvements to the Facilities or for refunding purposes, in the manner herein provided and upon compliance with both of the following conditions: (1) (a) 'There shall have been obtained and filed with the Issuer a certificate of an independent certified public accountant of suitable experience and responsibility: (i) stating that the books and records of. the Issuer relating to the collection and receipt of Revenues derived from the operation of the Facilities have been audited by him for the Fiscal Year. .immediately preceding the date of sale of the proposed obligations or for any twelve (12) consecutive months period out of the eighteen (18) consecutive month:. immediately preceding the date of sale of the proposed obligations; (ii) setting forth the amount of Net Revenues, as defined herein, received by the Issuer for the audited period referred to in (i) above, with respect to which such certificate is made; (iii) stating that the Net Revenues pursuant to (ii) above, as adjusted as hereinafter provided, equal at least 1.15 times the largest amount of principal and interest which will mature and become due in any Fiscal Year thereafter on all obligations, and all Additional Parity Obligations, if any, then outstanding and on the Additional Parity Obligations, with respect to which such certificate is made. (b) If desirable, the Net Revenues for such period may be adjusted by the Consulting Engineers as follows: (i_) by adding thereto the Net Revenues of any solid waste disposal system facilities which the Issuer shall have acquired prior to the issuance of the -28-