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Section 10. Estimated Life of Improvements. It is hereby determined that the <br /> estimated life of the Project to be financed with the proceeds of the Loan Contract is not less than the <br /> final maturity of the Loan. <br /> Section 11. Issuance of Additional Debts or Bonds. The City will not issue any <br /> indebtedness payable from the Pledged Revenue and having a lien thereon which is superior to the <br /> lien created by the Financing Documents. The City will issue parity debt only with the prior written <br /> approval of CWCB, provided that: <br /> (a) the City 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 <br /> Contract,including,but not limited to,being current on the annual payments due under the <br /> Loan Contracts and in the accumulation of all amounts then required to be accumulated in <br /> the City's debt service reserve account or fund; and <br /> (b) the City provides to the CWCB a Parity Certificate from an independent <br /> certified public accountant certifying that,based on an analysis of the City's revenues,for 12 <br /> consecutive months out of the 18 months immediately preceding the date of issuance of such <br /> parity debt,the City's revenues are sufficient to pay its annual Operation and Maintenance <br /> Expenses,annual debt service on all outstanding indebtedness having a lien on the Pledged <br /> Revenue,including the Loan Contract,the annual debt service on the proposed indebtedness <br /> to be issued,and all required deposits to any reserve funds required by the Loan Contract or <br /> by the lender(s)of any indebtedness having a lien on the Pledged Revenue. No more than <br /> 10%of total revenues may originate from tap and/or connection fees. <br /> Section 12. Direction to Take Authorizing Action. The appropriate officers of the <br /> City and members of the Council 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 City and members of the Council,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 /> 7 <br />