Common use of Updated Financial Model Clause in Contracts

Updated Financial Model. (i) The City shall provide to the WIFIA Credit Provider not later than ninety (90) days after the beginning of each City Fiscal Year, an updated Base Case Financial Model reflecting the then-current and projected conditions. The Updated Financial Model shall demonstrate to the satisfaction of the WIFIA Credit Provider that the City has developed and identified adequate revenues to implement a plan for operating, maintaining and repairing the Project over its useful life, and shall include (A) the City’s capital improvement plan, major maintenance plan, projected rates and charges, projected debt outstanding and annual debt service, projected operation and maintenance costs of the Wastewater System; (B) evidence of compliance with the Rate Covenant for the most recent City Fiscal Year and the projected Rate Covenant coverages through the Final Installment Payment Date; (C) calculation of the Senior Debt Service Coverage Ratio for the most recent City Fiscal Year; (D) a written narrative identifying any material changes to the underlying assumptions from the previous Updated Financial Model and (E) a certificate signed by the City’s Authorized Representative, certifying that (1) the Updated Financial Model, including the assumptions and supporting documentation, as of its date, is accurate and reasonable to the best of the City’s knowledge and belief, (2) the annual projected Net Revenues will be sufficient to meet the Installment Payment Schedule and to satisfy the Rate Covenant through the Final Installment Payment Date, (3) whether the City is in compliance with its obligations in respect of the Rate Covenant pursuant to Section 14(a) (Affirmative Covenants – Rate Covenant), and (4) whether a WIFIA Reserve Event has occurred.

Updated Financial Model. (i) The City shall provide to the WIFIA Credit Provider not later than ninety (90) days after the beginning of each City Fiscal Year, an updated Base Case Financial Model reflecting the then-current and projected conditions. The Updated Financial Model shall demonstrate to the satisfaction of the WIFIA Credit Provider that the City has developed and identified adequate revenues to implement a plan for operating, maintaining and repairing the Project over its useful life, and shall include (A) the City’s capital improvement plan, major maintenance plan, projected rates and charges, projected debt outstanding and annual debt service, projected operation and maintenance costs of the Wastewater Water System; (B) evidence of compliance with the Rate Covenant for the most recent City Fiscal Year and the projected Rate Covenant coverages through the Final Installment Payment Date; (C) calculation of the Senior Debt Service Coverage Ratio for the most recent City Fiscal Year; (D) a written narrative identifying any material changes to the underlying assumptions from the previous Updated Financial Model and (E) a certificate signed by the City’s Authorized Representative, certifying that (1) the Updated Financial Model, including the assumptions and supporting documentation, as of its date, is accurate and reasonable to the best of the City’s knowledge and belief, (2) the annual projected Net Revenues will be sufficient to meet the Installment Payment Schedule and to satisfy the Rate Covenant through the Final Installment Payment Date, (3) whether the City is in compliance with its obligations in respect of the Rate Covenant pursuant to Section 14(a) (Affirmative Covenants – Rate Covenant), and (4) whether a WIFIA Reserve Event has occurred.