Limitations on the Issuance of Obligations Payable from Pledged Tax Revenues Sample Clauses

Limitations on the Issuance of Obligations Payable from Pledged Tax Revenues. As a condition to the issuance of additional Senior Obligations, Subordinate Obligations, Junior Subordinate Bonds or Junior Subordinate Obligations, the Authority shall file with the Trustee and the Senior Trustee a certificate prepared by a Consultant showing that the amount of Pledged Revenues (as defined in the Senior Trust Agreement) collected during any 12 consecutive calendar months specified by the Authority within the most recent 18 calendar months immediately preceding the date on which such additional Senior Obligations, Subordinate Obligations, Junior Subordinate Bonds or Junior Subordinate Obligations will become outstanding shall have been at least equal to times Maximum Annual Debt Service on all Senior Obligations, Subordinate Obligations, Junior Subordinate Bonds and Junior Subordinate Obligations then outstanding and the additional debt then proposed to be issued, which certificate shall also set forth the computations upon which such certificate is based. For purposes of this Section 3.05, Maximum Annual Debt Service shall be calculated (i) for Senior Obligations and Subordinate Obligations, as provided in the Senior Trust Agreement, and (ii) for Junior Subordinate Bonds and Junior Subordinate Obligations, as provided in this Trust Agreement. Notwithstanding the foregoing, Senior Obligations, Subordinate Obligations, Junior Subordinate Bonds or Junior Subordinate Obligations issued or incurred to refund other Senior Obligations, Subordinate Obligations, Junior Subordinate Bonds or Junior Subordinate Obligations may be issued or incurred without compliance with the provisions of this Section 3.05.
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Related to Limitations on the Issuance of Obligations Payable from Pledged Tax Revenues

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