10-82 Issue Hospital Improvement Bonds

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Depreciation Reserve Fund, and the Series 1982 Construction Fund (including the Equity Contribution thereto), which interest is required to be deposited in the Series 1982 Construction Fund under Section 6 of the Bond Legislation as amended by Section 6 hereof; provided, however, that the Equity Contribution shall in no event exceed $4,055,000. Prior to the making of such deposit, the Council of the Issuer shall have adopted an ordinance appropriating that amount for that purpose. Section 8. Additional Bonds. The Issuer shall have the right from time to time to issue Additional Bonds pursuant to and in accordance with Section 8 of the Bond Legislation, provided that said Section 8, which now reads in its entirety as follows: "Section 8. Additional Bonds. The Issuer shall have the right from time to time to issue Additional Bonds (hereinafter mn this Section referred to as "Parity Obligations") for the purpose only of (i) providing any necessary addi- tional funds, but not in excess of $500,000 to complete payment of the costs of constructing the Project, (ii) making replacements, extensions and improvements to the Hospital Facilities, or (iii) refunding for any lawful purpose any outstanding Bonds where the retirement of the Bonds thereby to be refunded will be full accomplished not later than during the fifth calendar year next succeed- ing the calendar year in which such Parity Obliga- tions are issued, which Parity Obligations shall be payable from the special funds hereinabove established and shall be secured by a lien upon the revenues of the Hospital Facilities on a parity with the Bonds then outstanding. As used in this section the following phrases shall have the meanings set forth below: 'Net Annual Income' shall mean one half of the difference resulting by subtracting from the aggregate gross income received by the operator of the Hospital Facilities from the operation of the Hospital Facilities during the two complete fiscal years of such operator immediately preceding the date of the issuance of the Parity Obligations, the aggregate current expenses of operating the Hospital Facilities during such two years exclud- ing from such current expenses payments made for interest on the Bonds including any then outstand- ing Parity Obligations, any allowance for depre- ciation, moneys expended for improvements having a -22-