Extract to table

9A), is required to perfect the statutory lien

060 RCW provides that any pledge of revenues by CSIA under the chapter shall be valid and binding from the time the pledge is made and that the revenues so pledged shall immediately be subject to the lien of the pledge without any physical delivery or further act

The deduction of O&M Expenses before application of revenues to debt service reflects the essential nature of the water-treatment system as ongoing public infrastructure: the system must be operated and maintained on a current basis to continue generating the revenues that secure the bonds

The existing outstanding parity bonds represent CSIA's prior commitments to bondholders and establish the baseline parity lien against which the Series 2023A Bonds must be measured

Additional Bonds Test The Bond Indenture establishes an Additional Bonds Test that must be satisfied before CSIA may issue additional parity bonds

The Additional Bonds Test requires the following: Net Pledged Revenues for the most recently completed fiscal year (or, at CSIA's election, estimated Net Pledged Revenues for the first full fiscal year following the completion of the project being financed) must be at least equal to 1