RES 67055 - Laserfiche WebLink

24 improvement and financing, or for the purpose of refunding any outstanding Bonds or Additional Bonds. (d) The Additional Bonds shall be payable as to principal on May 1 of each year in which principal falls due, and shall be payable as to interest semi- annually on May 1 and November 1 of each year or annually the first year on May 1 or November 1 and thereafter semiannually on May 1 and November 1. Fixed serial maturities or mandatory minimum sinking fund payments, or any com- bination thereof, shall be established in amounts sufficient to provide for the retire- meiat of all of the Additional Bonds on or before their respective maturity dates. (e) The Supplemental Resolution providing for the issuance of the Addi- tional Bonds shall require that the Reserve Account be increased forthwith upon the receipt of the proceeds of the sale of said Additional Bonds to an amount at least equal to the Maximum Annual Debt Service on the Bonds and on the Additional Bonds proposed to be issued and that an amount at least equal to the Maximum Annual Debt Service on all Bonds and Additional Bonds at any time outstanding shall be thereafter maintained in the Reserve Account. Said deposit may be made from such proceeds or from the Surplus Revenue Account or from both such sources or any other source, as provided in said Supplemental Resolution. (f) The Net Revenues for the last fiscal year or last recorded 12-month period preceding the date of the adoption by the Council of the Supplemental Resolution providing for the issuance of such Additional Bonds, as shown by a.-certificate of an independent certified ~ublic accountant shall have been equal to at least the Maximum Annual Debt Service on the Bonds then outstanding and on such Additional Bonds; provided, however, that if any of the proceeds of the Additional Bonds are to be used to acquire an operating (rater system, or part thereof, then an amount equal to 90% of the actual net revenues from such facilities to be acquired for said last fiscal year or 12~month period may be treated as Net Revenues of the Enterprise for the purpose of this section; and such Net Revenues, as so shown, plus (i) An allowance for Net Revenues from any additions to or improve- ments or extensions of the Enterprise to be made with the proceeds of such Additional Bonds or with the Proceeds of Bonds previously--issued, and also for Net Revenues from any such additions, improvements or extensions which have been made from moneys from any source but which, during all or any part of such fiscal year, were not in service, all in an amount equal to 75% of the estimated additional average annual Net Revenues to be derived from such additions, improvements and extensions for the first 36 months in which each addition, improvement or extension is respectively to be in operation, all as shown by the certificate or opinion of a qualified independent engineer; and (ii) An allowance for earnings arising from any increase in the charges made for the use of the Enterprise which has become effective prior to the