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Loan Contract,including,but not limited to,being current on the annual payments due under <br /> the Loan Contract and in the accumulation of all amounts then required to be accumulated in <br /> the Town's debt service reserve account or fund; and <br /> (b) the Town provides to the CWCB a Parity Certificate from an independent <br /> certified public accountant certifying that, based on an analysis of the Town's revenues,for <br /> 12 consecutive months out of the 18 months immediately preceding the date of issuance of <br /> such parity debt, the Town's revenues are sufficient to pay its annual Operation and <br /> Maintenance Expenses,annual debt service on all outstanding indebtedness having a lien on <br /> the Pledged Revenue,including the Loan Contract,the annual debt service on the proposed <br /> indebtedness to be issued,and all required deposits to any reserve funds required by the Loan <br /> Contract or by the lender(s)of any indebtedness having a lien on the Pledged Revenue. The <br /> analysis of revenues shall be based on the Town's then-current rate structure or the rate <br /> structure most recently adopted. No more than 10%of total revenues may originate from tap <br /> and/or connection fees. <br /> Section 12. Direction to Take Authorizing Action. The appropriate officers of the <br /> Town and members of the Board are hereby authorized and directed to take all other actions <br /> necessary or appropriate to effectuate the provisions of this Ordinance,including but not limited to <br /> such certificates and affidavits as may reasonably be required by CWCB. <br /> Section 13. Ratification and Approval of Prior Actions. All actions heretofore <br /> taken by the officers of the Town and members of the Board,not inconsistent with the provisions of <br /> this Ordinance, relating to the Financing Documents, or actions to be taken in respect thereof, are <br /> hereby authorized,ratified, approved, and confirmed. <br /> Section 14. Repealer. All acts,orders,ordinances,or resolutions,or parts thereof, <br /> in conflict herewith are hereby repealed to the extent of such conflict. <br /> Section 15. Severability. Should any one or more sections or provisions of this <br /> Ordinance be judicially determined invalid or unenforceable, such determination shall not affect, <br /> impair,or invalidate the remaining provisions hereof,the intention being that the various provisions <br /> hereof are severable. <br /> Section 16. Inconsistencies. In the event of any inconsistencies between this <br /> ( Ordinance and the Loan Contract,this Ordinance is controlling. <br /> 7 <br />