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No such Additional Bonds shall be issued unless the following conditions are complied <br /> with: <br /> A. There shall have been obtained and filed with the Issuer a statement of the <br /> Finance Director (1) setting forth the amount of the Pledged Revenues which have been <br /> received by the Issuer during twelve out of the previous eighteen months; and (2) stating that <br /> the amount of the Pledged Revenues received during the aforementioned twelve month period <br /> equaled at least 1.50 times the Maximum Annual Debt Service of all Bonds then Outstanding <br /> including such proposed Additional Bonds with respect to which such statement is made <br /> (together with Policy Costs). "Policy Costs" means any repayment or payment obligations due <br /> and owing in connection with on any surety bond on deposit in the Reserve Account. In the <br /> event the Act is amended to provide for additional Pledged Revenues to be distributed to the <br /> Issuer, the Issuer may then for the purpose of determining whether there are sufficient Pledged <br /> Revenues to meet the coverage tests specified in this Section 5.02A., have the Finance Director <br /> assume that such additional Pledged Revenues were in effect during the applicable Fiscal Year. <br /> B. For the purposes of the covenants contained in this Section 5.02, Annual Debt <br /> Service with respect to Variable Rate Bonds shall be determined assuming that such <br /> obligations bear interest at the higher of 6.00% per annum or the actual interest rate borne <br /> during the month immediately preceding the date of calculation. The foregoing <br /> notwithstanding, for purposes of calculating Annual Debt Service, any Variable Rate Bonds <br /> with respect to which the Issuer has entered into an interest rate swap or interest rate cap for a <br /> notional amount equal to the principal amount of such variable rate indebtedness shall be <br /> treated for purposes of this Section 5.02 as bearing interest at a fixed rate equal to the fixed rate <br /> payable by the Issuer under the interest rate swap, or the capped rate provided by the interest <br /> rate cap. <br /> C. For the purposes of the covenants contained in this Section 5.02, if there has been <br /> a reduction in the amount of any direct subsidy payment originally expected to be received by <br /> the Issuer from the United States Treasury relating to Direct Subsidy Bonds pursuant to the <br /> Sequestration Transparency Act of 2012 (P.L. 112-155), or any like law or administrative rule, <br /> that reduction should be taken into account is estimating Maximum Annual Debt Service. <br /> D. Additional Bonds shall be deemed to have been issued pursuant to this <br /> Resolution the same as the Outstanding Bonds, and all of the other covenants and other <br /> provisions of this Resolution (except as to details of such Additional Bonds inconsistent <br /> therewith) shall be for the equal benefit, protection and security of the Holders of all Bonds <br /> issued pursuant to this Resolution. All Bonds, regardless of the time or times of their issuance, <br /> shall rank equally with respect to their lien on the Pledged Funds and their sources and security <br /> for payment therefrom without preference of any Bond over any other. <br /> E. In the event any Additional Bonds are issued for the purpose of refunding any <br /> Bonds then Outstanding, the conditions of this Section 5.02 shall not apply, provided that the <br /> issuance of such Additional Bonds shall not result in an increase in the aggregate amount of <br /> Annual Debt Service on the Outstanding Bonds becoming due in the current Bond Year or in <br /> any subsequent Bond Years. The conditions of Section 5.02A. hereof shall apply to Additional <br /> Bonds issued to refund Subordinated Indebtedness and to Additional Bonds issued for <br /> refunding purposes which cannot meet the conditions of this paragraph. <br /> F. The Issuer shall receive the prior written consent of the Insurer or Insurers prior <br /> to the issuance of any Variable Rate Bonds secured by the Pledged Funds; provided, however, <br /> that such written consent may be in the form of a covenant made for the benefit of the Insurer or <br /> Insurers in a Supplemental Resolution. <br /> G. The final maturity date of any Additional Bonds shall not be later than the <br /> Maximum Permitted Maturity. <br /> SECTION 5.03 Bond Anticipation Notes. Subject to Sections 5.01 or 5.02 hereof, <br /> the Issuer may issue notes in anticipation of the issuance of Bonds which shall have such terms <br /> 22 <br />