8359-93 Revenue Bonds Refund Outstanding Sewage Segregation

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nationally recognized government securities dealers (selected by the Paying Agent in its absolute discretion) at the time making a market in such investments or the bid price published by a nationally recognized pricing service; (C) as to certificates of deposit and bankers acceptances: the face amount thereof, plus accrued interest; and (D) as to any investment not specified above: the value thereof established by prior agreement between the City and the Bond Insurer. (e) Defeasance and Redemption Provisions. Notwithstanding anything herein to the contrary, in the event that the principal and/or interest due on the 1993 Bonds shall be paid by the Bond Insurer pursuant to the Bond Insurance Policy, the 1993 Bonds shall remain outstanding for all purposes (including for purposes of Section 15 hereof) , not be defeased or otherwise satisfied and not be considered paid by the City, and the pledge of security for the 1993 Bonds herein and all covenants, agreements and other obligations of the City to the registered owners of 1993 Bonds shall continue to exist and shall run to the benefit of the Bond Insurer, and the Bond Insurer shall be subrogated to the rights of such registered owners. In the event of an advance refunding, the City shall cause to be delivered a verification report of an independent nationally recognized certified public accountant. (f) Conditions to Issuance of Additional Bonds. Notwithstanding satisfaction of other conditions to the issuance of additional bonds contained in Section 16 of this Ordinance, no such issuance may occur should any default hereunder have occurred and be continuing. Additional parity bonds may be issued upon demonstration that net revenues, as certified by an independent firm of certified public accountants, equalled at least (i) 125% of maximum annual debt service on all outstanding bonds and proposed parity bonds and (ii) 100% of maximum annual debt service on all outstanding subordinate debt, in each case for a period of twelve (12) consecutive months during the eighteen (18) month period immediately preceding the proposed issuance date. For this purpose, net revenues may be adjusted to give effect to the following: (1) Rates that went into effect prior to the issuance of the proposed bonds, as if they were in effect for the entire twelve (12) month test period; (2) New customers which consist of existing residential, commercial and industrial dwellings that were connected to the works prior to the issuance of the proposed bonds, as if such customers had been connected to the works for the entire twelve (12) month test period; (31 The acauisition of a surrounding system prior