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Interest Redemption Account for said year would have equaled <br />not less than One Hundred Twenty -five per cent (125%) of the <br />maximum annual interest and principal requirements of the then <br />outstanding bonds and the aditional parity bonds proposed to <br />be issued. <br />For purposes of this subsection, the records of the <br />waterworks shall be analyzed and all showings shall be prepared <br />by a certified public accountant employed by the City for that <br />purpose, which accountant shall certify that he has no pecuniary <br />interest in the waterworks or improvements thereto other than <br />in the making of said analysis and the preparation of said <br />showings. <br />(c) To the extent required by law, the issuance of <br />the proposed additional parity bonds and any necessary increase <br />in water rates and charges shall have been approved by the Public <br />Service Commission of Indiana, and said Commission shall have <br />certified that the income and revenues of the waterworks, after <br />providing for operation and maintenance and depreciation, will <br />be sufficient to pay the principal and interest of all bonds <br />payable from the revenues of the waterworks, including the <br />additional parity bonds proposed to be issued. <br />Section 10. The accrued interest and premium, if any, <br />received at the time of the delivery of the bonds shall be <br />deposited in the Bond and Interest Redemption Account hereinbe- <br />fore created. The remaining proceeds from the sale of the bonds <br />shall be deposited in a bank or banks which are legally designated <br />and qualified depositories for the funds of the City, in a <br />_17- <br />