Water Parity Obligations. For the issuance of Water Parity Obligations, the District obtains or provides a certificate prepared by an Independent Certified Public Accountant or Independent Municipal Advisor showing that the Net Water Revenues for the last Fiscal Year for which audited financial statements are available (excluding connection fees and connection charges received during such Fiscal Year) shall have amounted to at least 125% of the Maximum Annual Debt Service for all Water Parity Obligations to be outstanding immediately after incurring such additional Water Parity Obligations, including Maximum Annual Debt Service which would have been payable on any Water Parity Obligations incurred since the end of such 12 month period, assuming that such Water Parity Obligations had been incurred at the beginning of such twelve month period, and Maximum Annual Debt Service for all Water Parity Obligations which would have been payable had the proposed additional Water Parity Obligations being incurred been incurred at the beginning of such 12 month period. For purposes of demonstrating compliance with the foregoing, Net Water Revenues may be adjusted (at the option of the District) to include the Additional Water Revenues.
