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principal and interest with all other bonds payable <br />therefrom only if: <br /> <br /> (1) in the last complete fiscal year of the <br />City immediately preceding the issuance of the <br />bonds, the amount of Net Revenues was: (A) equal <br />to not less than 125% of the total amount of <br />principal and interest to become due in any future <br />fiscal year on all outstanding bonds payable from <br />the Debt Service Account and all additional bonds <br />to be issued, but excluding any bonds to be <br />refunded by such additional bonds; and(B) <br />sufficient to pay when due all costs and expenses <br />payable from the Operation and Maintenance Account <br />in such last complete fiscal year; provided that <br />for purposes of this paragraph the Net Revenues <br />for any fiscal year may be increased to reflect <br />any increase in the rates and charges which have <br />been put into effect prior to the issuance of any <br />additional bonds but were not in effect for all of <br />such last complete fiscal year; and <br /> <br /> (2) the bonds are not made subject to <br />redemption on a date prior to any outstanding <br />bonds payable from the Debt Service Account or, if <br />the bonds are refunding bonds, on a date prior to <br />the one which the refunded bonds were subject to <br />redemption; <br /> <br /> (3) in the case of refunding bonds, if an <br />escrow fund is to be established, the City obtains <br />a report of an independent certified public <br />accountant that the moneys and securities on hand <br />in the escrow account are sufficient to pay the <br />applicable debt service obligations of the <br />refunded bonds on their stated maturity dates <br />and/or any date on which such obligations have <br />been or are to be called for prior redemption and <br />prepayment; and the City obtains an opinion of <br />nationally recognized bond counsel stating that <br />the issuance of the additional bonds will not <br />cause the interest on any bonds payable from the <br />Debt Service Account to be includible in gross <br />income for federal tax purposes; and <br /> <br /> (4) the City is not in default under this <br />Resolutlon or any other resolution authorizing ~he <br />issuance of any outstanding bonds payable from the <br />Debt Service Account. <br /> <br />355470.1 <br /> <br />12 <br /> <br /> <br />