1760 ORD CERTIFICATE FOR ORDINANCE AUTHORIZING BONDS

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(b) A certificate is executed by the Mayor and City Clerk of said City to the effect that the Junior Lien Interest and Sinking Fund and the Junior Lien Reserve Fund each contains the amount then required to be on deposit therein; (c) A certificate is executed by a Certified Public Accountant to the effect that, in his opinion, the Net Earnings i ; 1 of the System either for the last complete fiscal year of the ~ i City, or for any twelve consecutive calendar month period ending j ~ not more than ninety days prior to the passage of the ordinance ~ i > authorizing the issuance of such Additional Junior Lien Bonds, ' ( were at least 1-1/2 times the average annual principal and ~ I interest requirements for all then outstanding Bonds, Additional ~ d Bonds, First Lien Bonds, and for the installment or series of f i Additional Junior Lien Bonds then proposed to be issued. The ~ i term "Net Earnings" as used in this sub-section (c) shall mean ~ ~ the gross revenues after deducting the expenses of operation ~ i and maintenance but not deducting depreciation, bond interest ~ or expenditures which under standard accounting practice should . ~ be charged to capital expenditures; ~ (d) The Additional Junior Lien Bonds are scheduled to mature on July 10 in each of the years in which they are scheduled to mature; (e) The ordinance authorizing the issuance of such I installment or series of Additional Junior Lien Bonds provides that the aggregate amount to be accumulated and maintained in the appropriate Reserve Fund shall be increased by an additional amount not less than the average annual principal and interest requirements for said Additional Junior Lien Bonds, and that such additional amount shall be so accumulated within sixty-one