Resolution No. 4624 - Laserfiche WebLink

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which are Outstanding on the date the proposed Parity Obligations are issued, with the proposed Parity Obligations treated as Outstanding; or, (2) a certificate or opinion of a Qualified Consultant stating: '(a) the amount of the Adjusted Net Revenues computed as provided in Section 5.3 below for the first Fiscal Year in which interest or principal is scheduled to be paid on the proposed Parity Obligations, and each of the four ensuing Fiscal Years; and, (b) that the amount shown in Section 5. 1 (D)(2)(a) for the first Fiscal Year in which interest or principal is scheduled to be paid on the proposed Parity Obligations, and each of the three ensuing Fiscal Years is not less than one hundred twenty-five percent (125.00%) of the Annual Debt Service for the corresponding Fiscal Year on all Bonds which are Outstanding on the date the proposed Parity Obligations are issued, with the proposed Parity Obligations treated as Outstanding; and, (c) that the amount shown in Section 5. 1 (D)(2)(a) for the fifth Fiscal Year is not less than one hundred twenty-five percent (125.00%) of the Maximum Annual Debt Service on all Bonds which are Outstanding on the date the proposed Parity Obligations are issued, with the proposed Parity Obligations treated as Outstanding. 5.2 Adjustments to Net Revenues. Net Revenues may be adjusted for purposes of Section 5.1(D)(1) by adding any Net Revenues the City Official calculates the City would have had during the Base Period because of increases in Airport rates, fees and charges which took effect after the beginning of the Base Period. However, no adjustment shall be made for these increases unless they have been approved by the City prior to delivery of the proposed Parity Obligations and are required to take effect not later than the delivery date of the proposed Parity Obligations. 5.3 Adjusted Net Revenues. Adjusted Net Revenues for purposes of Section 5.1(D)(2) shall be computed by adjusting the Net Revenues for the Base Period in any of the following ways: (A) if the proposed Parity Obligations are being issued for the purpose of acquiring Airport properties having an earnings record, the Qualified Consultant may estimate the effect on "the Net Revenues for the Base Period as if the Airport utility properties had been part of the Airport during the Base Period. The estimate shall be based on the operating experience and records of the City and any available financial records relating to the Airport utility properties which will be acquired. (B) to reflect any changes in rates and charges adopted by the City, which were not in effect during the entire Base Period, and which are in effect on the date of sale and delivery of the proposed Parity Obligations. Page 11 - Resolution March 23, 2000