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Section 10. Estimated Life of Improvements. It is hereby determined that the estimated <br /> life of the Project to be financed with the proceeds of the Loan Contracts is not less than the final maturity of <br /> the respective Loan. <br /> Section 11. Issuance of Additional Debts or Bonds. The District will not issue any <br /> indebtedness payable from the Pledged Revenue and having a lien thereon which is superior to the lien <br /> created by the Financing Documents. The District will issue parity debt only with the prior written approval of <br /> CWCB, provided that: <br /> (a) the District is at the time approval is requested from CWCB and at the time of the <br /> issuance of the parity debt in substantial compliance with all of the obligations of the Loan Contracts, <br /> including, but not limited to,being current on the annual payments due under the Loan Contracts and <br /> in the accumulation of all amounts then required to be accumulated in the District's debt service <br /> reserve account or fund; and <br /> (b) the District provides to the CWCB a Parity Certificate from an independent certified <br /> public accountant certifying that, based on an analysis of the District's revenues, for 12 consecutive <br /> months out of the 18 months immediately preceding the date of issuance of such parity debt, the <br /> District's revenues are sufficient to pay its annual Operation and Maintenance Expenses,annual debt <br /> service on all outstanding indebtedness having a lien on the Pledged Revenue, including the Loan <br /> Contracts, the annual debt service on the proposed indebtedness to be issued, and all required <br /> deposits to any reserve funds required by the Loan Contracts or by the lender(s)of any indebtedness <br /> having a lien on the Pledged Revenue. The analysis of revenues shall be based on the District's <br /> current rate structure or the rate structure most recently adopted, and no more than 10%of total <br /> revenues may originate from tap and/or connection fees. <br /> Section 12. Direction to Take Authorizing Action. The appropriate officers of the District <br /> and members of the Board are hereby authorized and directed to take all other actions necessary or <br /> appropriate to effectuate the provisions of this Resolution, including but not limited to such certificates and <br /> affidavits as may reasonably be required by CWCB. <br /> Section 13. Ratification and Approval of Prior Actions. All actions heretofore taken by the <br /> officers of the District and members of the Board, not inconsistent with the provisions of this Resolution, <br /> 6 <br /> APPENDIX 3 <br />