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prepared by the City accompanying such written certificate of the City) shall be equal to not less than one hundred twenty percent (125%) of the Debt Service for such Fiscal Year, provided, however, for purposes of calculating Net Water Revenues for such Fiscal year under this Section 4 01(b), Water Revenues will equal the sum of(i) the Adjusted Water Revenues for such Fiscal Year, plus (ii) the amount of connection fees and charges collected during such Fiscal Year up to an amount not greater than twenty-five percent (25%) of such Adjusted Water Revenues, and (c) the projected Net Water Revenues for the next five full Fiscal Years (beginning with the full Fiscal Year following the issuance of such Bonds or the execution of such Contract, as the case may be, or, if later, the first full Fiscal Year in which less than ten percent (10%) of the interest coming due on such Bonds or such Contract is to be paid from the proceeds of such Bonds or Contract), as evidenced by a calculation prepared by the City and confirmed by an Accountant's Report or an Engineer's Report accompanying such written certificate of the City, are projected to be at least equal to the sum of one hundred twenty percent (125%) of the Maximum Annual Debt Service on the 2017 Installment Sale Payments and all Bonds and Contracts outstanding after the issuance of such Bonds or the execution of such Contract, as the case may be, provided, that such projected Net Water Revenues shall be calculated for purposes of this Section 4 01(c) by including those Water Revenues that are projected to be derived from any connection fees from projected new connections to the Water System during such five Fiscal Years, assuming that each such connection fee is collected in an amount equal to the then current amount charged by the City as a connection fee as of the date of calculation, and provided further, that such projected connection fees in any Fiscal Year shall not exceed twenty five percent(25%) of the total projected Water Revenues for such Fiscal Year The Accountant's Report or Engineer's Report required by this Section 4 01(c) shall include an opinion as to the reasonableness of any cost estimates, design, or schedules for completion of any planned capital improvements during the period of projected Net Water Revenues Notwithstanding the foregoing provisions of this Section 4 01,the City may execute any Contract or issue any Bonds at any time (i) to finance, with the prior written consent of the Original Purchaser, the completion of any uncompleted Water Project, provided that the amount of such Contract or Bonds shall not exceed an amount equal to fifteen percent(15%) of the onginal principal amount of the Contract or Bonds initially issued for such uncompleted Water Project and with respect to which the requirements of this Section 4 01 were satisfied at the time of such issuance, or (u) to refund any outstanding Bonds or any outstanding Contract, provided, that the Maximum Annual Debt Service for such refunding Bonds or Contract shall be less than the Maximum Annual Debt Service for the Bonds or Contracts refunded thereby 10 27626823