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722
CITY-OF-BATESVILLE
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1966
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722
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4/30/2019 2:05:15 PM
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w <br />Page 21 <br />M <br />any bonds claimad to be entitled to a priority of lien on the <br />revenues of the Water System over the lien securing the bonds <br />of this issue, including ti -Le herein authorized and any and all <br />future extensions, betterments and improvements. <br />Nothing in this Ordinance shall be construed to prevent <br />the issuance by the City of additional bonds to finance or pay <br />the cost of constructing any future extensions, betterments and <br />improvements to the Water System; provided, however, the City <br />shall not authorize or issue any such bonds ranking on a parity <br />with the outstanding bonds of the October 1, 1961, issue. The <br />City will not authorize or issue any additional bonds ranking on <br />a parity with the outstanding bonds of this issue, unless and until <br />there shall have been procured and filed with the Trustee a statement <br />by an independent Certified Public Accountant not in the regular <br />employ of the City reciting the opinion based upon necessary investi- <br />gation that the net revenues of the Water System (net revenues, for <br />purposes of this paragraph, being defined as gross revenues less <br />the reasonable expenses of operation and maintenance of the System <br />and less the required provision for depreciation) for the fiscal <br />year immaediately preceding the fiscal year in which the additional <br />bonds are to be issue were equal to at least one and bne-half <br />(1-1/2) times tine average annuZl debt service requirement of all <br />bonds then outstandir.g that are payable from the revenuQs of the <br />Water System, and unless and until there shall have been procured <br />and filed with the Trustee a statement by a duly qualified, <br />recognized Consulting Engineer reciting the opinion based upon <br />
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