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that the Issuer prepares its Annual Budget of Operating Expenses, the Issuer shall annually prepare an estimate of Gross Revenues for the ensuing Fiscal Year, and to the extent that Gross Revenues are insufficient to pay 100% of such Bond Service Requirement during such ensuing year, build up and maintain the required reserves for the Bonds, pay Operating Expenses and pay the current required deposit into the Renewal and Replacement Fund, the Issuer shall revise the fees and rates charged for the use of the services and facilities of the System sufficiently to provide the funds required." . D. After the Notes are no longer outstanding, Sections 3.04(J)(3)(c) and (d) of the Resolution shall be amended to read as follows: "(c) The annual Net Revenues for the Fiscal Year next preceding the issuance of additional parity Bonds are certified by an independent certified public accountant not regularly employed by the Issuer, to have been equal to at least 1.20 times the average Bond Service Requirement. (d) The estimated average annual Net Revenues of the facility or facilities to be constructed and acquired with the proceeds of such additional Bonds (and any other funds pledged and set aside for such purpose), when added to the estimated future average annual Net Revenues of the then existing System, shall be at least 1.20 times the average Bond Service Requirement for all outstanding Bonds and the additional Bonds proposed to be issued. Estimates of future revenues and Operating Expenses shall be furnished by recognized independent consulting engineers and approved by the Board and by the Chairman thereof, and shall be forecast over a period of not exceeding 10 years from the date of the additional Bonds proposed to be issued. Provided, however, the conditions in this paragraph and in the next pre- ceding paragraph (c) may be waived or modified by the written consent of the holders of 75% of the Bonds then outstanding." SECTION 4. SEVERABILITY OF INVALID PROVISIONS. If any one or more of the provisions herein contained shall be held contrary to any express provision of law or contrary to the policy of express law, though not expressly prohibited, or against public policy, or shall for any reason whatsoever be held invalid, then such provisions shall be null and void and shall be deemed separable from the remaining provisions and shall in no way affect the validity of any of the other provisions hereof. SECTION 5. REPEALING CLAUSE•'. All resolutions or parts thereof of the Board in conflict with the provisions herein con- -4-