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1990 $235,000 1995 $240, <br />1991 235,000 1996 240, <br />1992 235,000 1997 2), O, <br />1993 235, ooo 1998 2ho, ooo <br />199h 240,000 <br /> <br /> The Trustee on behalf of the .T. ssuer and without necessity for <br />further action by the Issuer, shall cause to be redeemed on June 1, in the <br />years 1990 through 1997, both inclusive, in the manner provided in Se,~:tion 2 <br />of this resolution and in the Indc:~ture, an aggregate principal ~:~,,ou.n~ of <br />the Improvement Bonds as provided in the immediately preceding paragraph. <br /> <br /> Section 8. Additional Bonds. The Issuer shall have the right from <br />time to time to issue Additional Bonds (hereinafter in this Section tofo, fred <br />to as "Parity Obligations") for the purpos'e only of (i) providing any necessa~' <br />additioz~al funds, but not in excess of $500,000 to compi~te payment of the costs <br />of constructing the~ Project, (ii) making replacements, exte.nsions and i:~:provemen%s <br />t° the Hospital Facilities, or (iii) refunding for any lawful phrpose any <br />outstanding Bonds where the retirement of the Bonds thereby to be refunded will <br />be fully accomplished not later 'than during the fifth calendar year. next <br />succeeding the calendar year in which such Parity Obligations are issued, which <br />Parity Obligations shall be payable from the special funds hereinabove estab- <br />lished and shall be sectu~ed by a lien upon the revenues of the Hospital <br />Facilities on a parity with the Bonds then outstanding. <br /> <br /> As used in this section the following phrases shall have the meanings <br />set forth below: <br /> <br /> "Net. Annuat,,Income" shall mean o~e half of.the difference resulting <br />by subtracting from the aggregate gross income received by the operator of the <br />Hospital Facilities from' the operation of the Hospital Facilities during the <br />t%,o complete fiscal years of such operator ir~ediately preceding the date of the <br />issuance of {he Parity Obligations, the aggregate current expenses of operating <br />the Hospital Facilities during such two years excluding from such current <br />expenses payments made for interest on the Bends including any then outstanding <br />Parity Obligations, any allowance for deprec'iation, moneys expended for improve- <br />ments having a life usefulness estimated to be in excess of five years, payments <br />made for Annual Requirements and other payments required to be made by the <br />Indenture or any supplement thereto into the Debt Service Reserve Fund and <br />Surplus Fund. <br /> <br /> "Projected Annual Income" shall mean one half of the differc:~ce <br />resulting by subtracting from the aggregate gross income to be received by <br />the operator of the Hospital Facilities from the operation of thc hospital <br />Facilities during the two complete fiscal years of such operator i~m~ediately <br />followi~g the completion of the acqui'sition or construction to be financed <br />from the proceeds of the Parity Obligations proposed to be issued, thc aggregate <br /> <br /> <br />