08-10-09 Common Council Meeting Agenda & Packet

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(125%) of the maximum annual interest and principal requirements of the then outstanding Bonds, any then outstanding parity bonds and the additional parity bonds proposed to be issued; or, prior to the issuance of said parity bonds, the sewage rates and charges shall be increased sufficiently so that said increased rates and charges applied to the previous fiscal year's operations would have produced net revenues for said year equal to not less than one hundred twenty-five percent (125%) of the maximum annual interest and principal requirements of the then outstanding Bonds, any then outstanding parity bonds and the additional parity bonds proposed to be issued. For purposes of this subsection, the records of the Sewage Works shall be analyzed and all showings shall be prepared by a certified public accountant or nationally recognized firm of professionals experienced in analyzing financial records of municipal utilities retained by the City for that purpose. For purposes of this Subsection 18 (b), Federal Cash Payments shall be calculated and applied (i) in an amount not to exceed the amount thereof projected to be received in the same bond year ending coterminous with the bond year ending with such maximum annual interest and principal requirements of the then outstanding bonds and the additional bonds proposed to be issued and (ii) solely for the term in which the Federal Cash Payment applies. (d) The principal of said additional parity bonds shall be payable on December 1 and the interest on said additional parity bonds shall be payable semiannually on June 1 and December 1 during the periods in which such principal and interest are payable. (e) If the Bonds are sold to the Authority, (i) the City has obtained the consent of the Authority, (ii) the City has faithfully performed and is in compliance with -40- BDDBOI 5738468v1