04-14-2021 Council Packet - Laserfiche WebLink

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13068670v2 16 (c) A supplement to the Mortgage shall be entered into describing the Additional Bonds and the Loan Repayments for the Additional Bonds as additional indebtedness secured by the Mortgage, and subjecting to the lien of the Mortgage any additional property to be acquired or improved in connection with the issuance of the Additional Bonds. (d) A Certificate of the Authorized Corporation Representative shall be delivered to the Trustee to the effect that the proceeds of the Additional Bonds, together with any additional funds supplied or to be supplied by the Corporation, are estimated to be sufficient to complete the improvements to be financed thereby or the cost of the refunding, as the case may be. (e) The Corporation shall furnish to the Trustee evidence that the Corporation’s Income Available for Debt Service shall satisfy the applicable percentage, as set forth below, of the Corporation’s Total Principal and Interest Requirements. For purposes of demonstrating compliance with this paragraph (e), the Corporation shall furnish to the Trustee: [(i) a written report or opinion of an Independent certified public accountant or firm of Independent certified public accountants selected by the Corporation stating that the average Income Available for Debt Service of the Corporation for the last two fiscal years preceding the date on which the proposed Additional Bonds are to be issued was not less than 115% of the maximum Total Principal and Interest Requirements (including such requirements for the proposed Additional Bonds but excluding such requirements for any then outstanding Bonds to be refunded by the proposed Additional Bonds) for any fiscal year beginning with the fiscal year in which the proposed Additional Bonds are to be issued until the final stated maturity of all Bonds, or (ii) a written report of an Independent certified public accountant or firm of Independent certified public accountants selected by the Corporation stating that in his or their opinion the estimated Income Available for Debt Service of the Corporation for each of the five consecutive fiscal years beginning after the fiscal year in which improvements being financed by such Additional Bonds are to be placed in service, or, if no improvements are to be financed thereby, after the fiscal year in which the proposed Additional Bonds are to be issued, will be not less than 120% of the Total Principal and Interest Requirements for such fiscal years.] (f) In the event that the Additional Bonds are to be issued to advance refund any then Outstanding Bonds, the Trustee shall have been furnished with a report of an Independent accountant to the effect that (A) the proceeds (excluding accrued interest but including any premium) of the Additional Bonds plus any moneys to be withdrawn from the Bond Fund, the Sinking Fund and the Optional Redemption Fund for such purpose, as hereinafter provided, together with any other funds to be deposited with the Trustee for such purpose, will be not less than an amount sufficient to pay the principal of and the redemption premium, if any, on the outstanding Bonds to be refunded and all principal and interest which will become due and payable on or prior to the redemption date, or that (B) from the proceeds of the Additional Bonds or other sources there shall be purchased and deposited in trust with the Trustee obligations of or obligations fully guaranteed by the United States which do not permit the redemption thereof at the option of the issuer and the principal of and the interest on which when due and payable (or redeemable at the