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<br />Nov 23 04 10:55a <br /> <br />10.3 <br /> <br />-. <br />, <br /> <br />3. The District has represented to me that, as of the date of this <br />Certificate (a) other than the Series 1999 Bonds, the Series 2000 Bonds, the Series 2002 <br />Bonds and the Series 2004 Bonds and 2004 Loan (when issued and outstanding) there are <br />no outstanding Parity Lien Bonds and (b) the anticipated date of issuance of the 2004 <br />Loan is December 1, 2004. <br /> <br />4. Based upon representations made to me by the District, as of the <br />date of this Certificate, the District is current in the accumulation of all amounts <br />required by the Series 1999 Resolution, the Series 2000 Resolution, the Series 2002 <br />Resolution and the Series 2004 Resolution to be accumulated in the Bond Account and the <br />Reserve Account. <br /> <br />5. The Net Revenue for the 12-month period ending August 31, 2004 is sufficient to <br />pay an amount representing not less than 125% of the Combined Average Annual Principal <br />and Interest Requirements for the First Lien Bonds, the Series 1999 Bonds, the Series <br />2000 Bond, the series 2002 Bond and the Series 2004 Bonds and the 2004 Doan. As <br />permitted by the Series 1999 Resolution, the Series 2000 Resolution, the Series 2002 <br />Resolution and the Series 2004 Bond for purposes of such test the Net Revenue has been <br />increased by adding to the actual revenues for the 12-month period end August 31, 2004, <br />the capital contributions received by the District for the l2-months then ended. <br /> <br />LJen,.4~ <br /> <br />Dan Schommer, Certified Public Accountant <br />Watkins & Schommer, Inc. <br /> <br />//-..r~t:) y <br />Date <br /> <br />t;;,;;..:._ <br />