Laserfiche WebLink
(c) <br /> <br />issuance of the proposed Parity Obliga- <br />tions for the payment of principal of <br />(whether at maturity or by mandatory <br />sinking fund retirement) and any premium <br />or interest on the Bonds including any <br />then outstanding Parity Obligations and <br />the Parity Obligations proposed to be <br />issued. <br /> <br />(s) <br /> <br />'Debt Service Coverage' shall mean that <br />Net Annual Income is 150% of Annual <br />Requiremenns and Projected Annual Income <br />is 135% of Projected Annual <br />Requirements. <br /> <br />Before the Trustee shal authenticate any <br />Parity Obligations or execute any supple- <br />mental indenture securing Parity Obligations, <br />it shall have received from the Issuer~and <br />without cost to the Trustee the following: <br /> <br />(1) <br /> <br />A written financial feasibility study of <br />an independent certified public account- <br />ant or firm of accounts, experienced in <br />hospital finance, acceptable to the <br />Trustee evidencing that Debt Service <br />Coverage has been and is projected to be <br />met. <br /> <br />(2) <br /> <br />The certificate of an independent archi- <br />tect or architectural firm t~aving a <br />reputation for skill and experience .in <br />the design and constructing of hospitals <br />and related appurtenant facilities, <br />acceptable to the Trustee, stating (i) <br />that the facilities proposed to be <br />financed with the proceeds derived from <br />the sale of the Parity Obligations with <br />respect to which such certificate is <br />made are estimated to have a life useful- <br />ness in excess of five years and will be <br />useful in th~ operation of the Hospital; <br />(ii) the estimated actual cost of such <br />facilities; and (iii) that such cost <br />will represent the reasonable value of <br />such facilities. <br /> <br />(3) <br /> <br />An executed counterpart of a supple- <br />mental indenture, duly executed by the <br />Issuer, providing the terms, conditions <br />and limitations of the Parity Obliga- <br />tions proposed to be issued including <br />the pledge of revenues sufficient to pay <br />the principal thereof and any premium <br />and interest thereon, any additional <br />premiums on insurance and fidelity bonds <br />required for the proposed new facilities <br />and any additional personnel to operate <br />such new facilities; payment into the <br />Debt Service Reserve Fund in each montk <br />following completion of the acquisition <br />or const~'uction to be financed from tl~e <br />Parity Obligations of amounts sufficient <br />to make the amount on depo:~it in the <br /> <br />-29- <br /> <br /> <br />