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within five years from the date of the issuance of such additional or
refunding Future Parity Bonds of a sum at least equal to the average
annual amount required for debt service on such additional or refunding
Future Parity Bonds.
(3) (a) That at the time of the issuance of such additional or
refunding Future Parity Bonds the City shall have on file an audit from
a certified public accountant showing that the net income of the System
for a period of any twelve consecutive months out of the fifteen months
immediately preceding the month of delivery of such additional or re-
funding Future Parity Bonds shall have been at least 1.11 times the
amount required each calendar year thereafter for the payment of the
principal of and interest on the Outstanding Parity Bonds and the Bonds
outstanding. any revenue bonds which may have been issued on a parity
therewith, and such additional or refunding Future Parity Bonds.
Or
(3) (b) In the event that the certified audit required in
subparagraph (3) (a) immediately above may not be obtained, such addi-
tional or refunding Future Parity Bonds may still be issued on a parity
with the Outstanding Parity Bonds, the Bonds and any outstanding revenue
bonds issued on a parity therewith if at the time of the issuance of such
additional or refunding Future Parity Bonds the City shall have on file
a certificate from an independent licensed professional engineer or
engineering firm showing that in his or its professional opinion the
net income of the System for each future calendar ,year will equal at
least 1.4 times the amount required each such future calendar year for
the payment of the principal of and interest on the outstanding Out-
standing Parity ➢onds, the outstanding Bonds, any outstanding revenue
bonds which may have been issued on a parity therewith, and such addi-
tional or refunding Future Parity Bonds.
The words "net income" as used in subparagraph (3) (b)
immediately above shall be construed as the gross revenue of the
System, including all additions and improvements thereto and extensions
13.