Contract analysis

1. Accuracy of Financial Data. The financial data set forth in this Certificate is true, correct, and complete in all material respects as of the date hereof. All calculations and computations contained herein have been prepared in good faith and are mathematically accurate based on the underlying data and assumptions described herein.

2. Fair Presentation of Financial Statements. The FY 2022 Audited Financial Statements of the Authority, prepared in accordance with generally accepted accounting principles ("GAAP") as applicable to governmental entities promulgated by the Governmental Accounting Standards Board ("GASB"), and audited by Hargrove & Associates CPAs, PLLC in accordance with auditing standards generally accepted in the United States of

3. Rate Covenant Compliance. The Authority is in compliance with the Rate Covenant contained in Section 5.04 of the Master Indenture and Section 4.02 of the Revenue Pledge Agreement. As demonstrated in Section 3 of this Certificate, the FY 2022 pro forma Debt-Service Coverage Ratio of 1.48x exceeds the minimum required Debt-Service Coverage Ratio of 1.40x.

4. Additional Bonds Test Compliance. The Additional Bonds Test set forth in Section 2.13 of the Master Indenture has been satisfied with respect to the issuance of the Series 2023A Bonds. As demonstrated in Section 4 of this Certificate, based on FY 2022 Net Pledged Revenues of $412,600,000 and pro forma Annual Aggregate Parity Debt Service of $278,400,000, the resulting coverage ratio of 1.48x exceeds the minimum re

5. No Default. No Event of Default (as defined in the Indenture) under the Indenture or the Revenue Pledge Agreement has occurred and is continuing as of the date hereof, and no event has occurred which, with the giving of notice or the lapse of time or both, would constitute an Event of Default under the Indenture or the Revenue Pledge Agreement.

6. No Material Adverse Change. There has been no material adverse change in the financial condition, results of operations, properties, or business of the Authority since June 30, 2022, the date of the most recent audited financial statements. The Authority's financial position remains stable and consistent with the trends and expectations described in the Official Statement for the Series 2023A Bonds.

7. Annual Operating Budget. The annual operating budget of the Authority for fiscal year 2023 (the fiscal year ending June 30, 2023), as duly adopted by the Board of Directors, is approximately $1.48 billion, which reflects the full scope of the Authority's water-treatment, wastewater, and related capital programs.

8. Wholesale Water Treatment Services Agreements. The Wholesale Water Treatment Services Agreements with each of the fourteen (14) Participating Districts are in full force and effect as of the date hereof, and no Participating District is in default under its respective WWTSA. Each WWTSA has a remaining term of not less than twenty (20) years and contains a "take-or-pay" obligation or an equivalent unconditional pay

9. Governmental Approvals. All necessary governmental approvals, permits, licenses, and authorizations required for the construction and operation of the Puget Sound Regional Advanced Water Treatment Facility have been obtained and are in full force and effect, including without limitation: (a) the State Environmental Policy Act ("SEPA") Determination of Non-Significance issued by the Washington State Department of E