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Section 12. REVENUE BONDS. (a) That the Issuer shall have the right and power at any
<br />time and from time to time, and in one or more Series or issues, to authorize, issue, and deliver
<br />additional parity revenue bonds (herein called "Revenue Bonds" or "additional parity revenue
<br />bonds"), in accordance with law, in any amounts, for any lawful purpose, including the refunding
<br />of any Bonds, the Outstanding Revenue Bonds, Revenue Bonds, or other obligations. Such Revenue
<br />Bonds, if and when authorized, issued, and delivered in accordance with this Ordinance, may be
<br />payable from and secured by an irrevocable first lien on and pledge of the Net Revenues, all as
<br />hereinafter provided.
<br />(b) That Revenue Bonds, if and when authorized, issued, and delivered in accordance with
<br />this Ordinance, shall be payable from a Interest and Sinking Fund to be created hereafter by the
<br />ordinance authorizing the issuance thereof which shall be funded in equal monthly installments, and
<br />shall be payable from and secured by an irrevocable lien on and pledge of the Net Revenues, equally
<br />and ratably on a parity with all other outstanding Revenue Bonds, if any.
<br />(c) That the principal of and interest on all Revenue Bonds must be scheduled to be paid or
<br />mature on June 15 and/or December 15 of the years in which such principal and interest are
<br />scheduled to be paid or mature.
<br />Section 13. FURTHER REQUIREMENTS FOR REVENUE BONDS. That the Revenue
<br />Bonds shall be issued only in accordance with this Ordinance, and no installment, series, or issue
<br />of Revenue Bonds shall be issued or delivered unless:
<br />(a) The Mayor of the Issuer and the City Clerk sign a written certificate to the effect that the
<br />Issuer is not in default as to any covenant, condition, or obligation in connection with all the Bonds,
<br />the Outstanding Revenue Bonds, and any Revenue Bonds, and the ordinances authorizing same, and
<br />that the Interest and Sinking Fund and Reserve Fund for both the Bonds, the Outstanding Revenue
<br />Bonds, and any Revenue Bonds, each contains the amount then required to be therein.
<br />(b) An independent certified public accountant, or independent firm of certified public
<br />accountants, acting by and through a certified public accountant, signs a written certificate to the
<br />effect that, in his or its opinion, during either the next preceding fiscal yeaz, or any twelve
<br />consecutive calendar month period ending not more than ninety days prior to the passage of the
<br />ordinance authorizing the issuance of the then proposed Revenue Bonds, the Net Revenues were,
<br />if the then proposed Bonds are to be Revenue Bonds, at least equal to the aggregate of 1.10 times
<br />an amount equal to the average annual principal and interest requirements of all then Outstanding
<br />Revenue Bonds of any nature or lien which are payable from Net Revenues and which are scheduled
<br />to be outstanding after the delivery of the then proposed Revenue Bonds.
<br />It is specifically provided, however, that in calculating the amount of Net Revenues for the
<br />purposes of this subsection (b), if there has been any increase in the rates or charges for services of
<br />the System which is then in effect, but which was not in effect during all or any part of the entire
<br />period for which the Net Revenues are being calculated (hereinafter referred to as the "entire period")
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