RES 94044 - Laserfiche WebLink

report prepared by an Independent Certified Public Accountant on such calculation on file with the City; plus (i) an allowance for Net Revenues to be derived from any additions or improvements to be made with proceeds of such Parity Bonds or Contracts or with the proceeds of Parity Bonds or Contracts previously issued and also for Net Revenues that would have been derived from each new connection to the Enterprise which was made prior to the adoption of such resolution or the execution of such Contract, as the case may be, but which, during all or any part of said twelve-month period, was not in existence, in an amount equal to ninety-five per cent (95 % ) of the estimated additional Net Revenues that would have been derived from each such connection if it had been made prior to the beginning of said twelve-month period, as shown by an Engineer' s Report on file with the City; and (ii) an allowance for Net Revenues that would have been derived from any increase in the rates, fees and charges fixed and prescribed for Water Service which became effective prior to the adoption of such resolution or the execution of such Contract, as the case may be, but which, during all or any part of said twelve-month period, was not in effect, in an amount equal to ninety-five per cent (95 %) of the estimated additional Net Revenues that would have been derived from such increase in rates, fees and charges if it had been in effect prior to the beginning of said twelve-month period, as shown by an Engineer's Report on file with the City; shall have produced a sum equal to at least one hundred twenty-five per cent (125 %) of the Maximum Annual Debt Service on all Parity Bonds, Bonds and Contracts outstanding after the issuance of such Parity Bonds or the execution of such Contract, as the case may be; and (b) The project to be acquired and constructed with the proceeds of such Parity Bonds or such Contract is technically feasible and the estimated cost of the acquisition and construction thereof is reasonable, and (after giving effect to the completion of all uncompleted improvements to the Enterprise) the rates, fees and charges estimated to be fixed and prescribed for the Water Service for each Fiscal Year from the Fiscal Year in which such Parity Bonds are issued or such Contract is executed, as the case may be, to and including the first complete Fiscal Year after the latest date of operation of any uncompleted improvements to the Enterprise are economically feasible and reasonably considered necessary based on projected operations for such period, as evidenced by an Engineer's Report (prepared at the time of the issuance of the initial Parity Bonds or the execution of the initial 11 9406701W.LA I