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0 fees and expenses for the redemption, then and in that case the Bonds (or portions thereof) issued <br /> hereunder shall no longer be deemed outstanding or entitled to the pledge of the net revenues of <br /> the Town's Sewage Works. <br /> SECTION 18. Additional BANs and Bonds. The Town reserves the right to authorize and <br /> issue additional BANs at any time ranking on a parity with the BANs so long as the interest is <br /> payable upon the same date or dates as the BANs and the principal is payable solely from Bond <br /> proceeds. The Town also reserves the right to authorize and issue additional bonds, payable out <br /> of the net revenues of its Sewage Works, ranking on a parity with the bonds authorized by this <br /> Ordinance, for the purpose of financing the cost of future additions, extensions and <br /> improvements to the Sewage Works, subject to the following conditions: <br /> (a) All required payments into the Sewage Works Sinking Fund shall have been <br /> made in accordance with the provisions of this Ordinance, and the interest on and <br /> principal of all bonds payable from the revenues of the Sewage Works shall have been <br /> paid to date in accordance with the terms thereof. <br /> (b) As of the date of issuance of such additional bonds, the balance in the Debt <br /> Service Reserve Account shall equal not less than the Debt Service Reserve Requirement <br /> and the Debt Service Reserve Requirement is proportionately increased in accordance <br /> with the provisions of SECTION 12 of this Ordinance and the Town covenants to make <br /> equal monthly deposits into the Debt Service Reserve Account over no more than a sixty <br /> (60)month period sufficient to equal the increased Debt Service Reserve Requirement. <br /> (c) The net revenues of the Sewage Works in the fiscal year immediately <br /> preceding the issuance of any such bonds ranking on a parity with the bonds authorized <br /> by this Ordinance shall be not less than one hundred twenty-five percent (125%) of the <br /> maximum annual interest and principal requirements of the then outstanding bonds and <br /> the additional parity bonds proposed to be issued; or, prior to the issuance of said parity <br /> bonds, the sewage rates and charges shall be increased sufficiently so that said increased <br /> rates and charges applied to the previous fiscal year's operations reasonably expected to <br /> be collected and available to provide for the timely payment of debt service on the then <br /> outstanding bonds and the additional parity bonds proposed to be issued, would have <br /> produced net revenues for said year equal to not less than one hundred twenty-five <br /> percent (125%) of the maximum annual interest and principal requirements of the then <br /> outstanding bonds and the additional parity bonds proposed to be issued. For purposes of <br /> this subsection, the records of the Sewage Works shall be analyzed and all showings shall <br /> be prepared by a certified public accountant or nationally recognized firm of <br /> professionals experienced in analyzing financial records of municipal utilities retained by <br /> the Town for that purpose. <br /> (d) The principal of said additional parity bonds shall be payable on February 1 <br /> and August 1 and the interest on said additional parity bonds shall be payable <br /> semiannually on February 1 and August 1 in the years in which such principal and <br /> interest are payable. <br /> (e) If any Bonds are sold to the Authority as part of its SRF Program, (i) the <br /> Town has obtained the consent of the Authority, (ii) the Town has faithfully performed <br /> and is in compliance with each of its obligations, agreements and covenants contained in <br /> the respective Financial Assistance Agreement and this Ordinance, and (iii) the Town is <br /> 25 <br />