RE-BID ITB # 23-10-01 JOINT PROCUREMENT CENTRAL ISLAND

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SCHEDULE VIII ADDITIONAL BONDS TEST Set forth below is Section 6.02 of the Master Resolution as of the Effective Date. All capitalized terms used below in this Schedule VIII have the meanings assigned to such terms in the Master Resolution. All section references made below in this Schedule VIII refer to sections in the Master Resolution. Section 6.02. Issuance of Bonds. The Issuer may issue one or more Series of Bonds for any one or more of the following purposes: financing the Cost of Project, or the completion thereof or refunding any or all Outstanding Bonds or any Subordinated Indebtedness or other debt of the Issuer or any other purpose permitted by law. Additional Bonds shall be deemed to have been issued pursuant to this Resolution the same as any Outstanding Bonds, and all of the other covenants and other provisions of this Resolution (except as to details of such Additional Bonds inconsistent therewith) shall be for the equal benefit, protection and security of the Holders of all Bonds issued pursuant to this Resolution; provided, however, any Supplemental Resolution authorizing the issuance of Bonds may provide that any of the covenants herein contained will not be applicable to such Bonds, provided that such provision shall not, in the opinion of Bond Counsel, adversely affect the rights of the Holders of any Bonds which shall then be Outstanding. Except as provided in Sections 4.02 and 4.05 hereof, all Bonds, regardless of the time or times of their issuance, shall rank equally with respect to their lien on the Pledged Funds and their sources and security for payment therefrom without preference of any Bonds over any other; provided, however, that the Issuer shall include a provision in any Supplemental Resolution authorizing the issuance of Variable Rate Bonds pursuant to this Section 6.02 that in the event the principal thereof is accelerated due to such Bonds being held by the issuer of a Credit Facility, the lien of such Bonds on the Pledged Funds shall be subordinate in all respects to the pledge of the Pledged Funds created by this Resolution. No such Additional Bonds shall be issued by the Issuer, as the case may be, unless the following conditions are compiled with: (A) The Issuer shall certify that it is current in all deposits into the various funds and accounts established hereby and all payments theretofore required to have been deposited or made by it under the provisions of this Resolution and has complied with the covenants and agreements of this Resolution. (B) There shall have been obtained and filed with the Issuer a certificate of an Authorized Issuer Officer: (1) stating that such Authorized Issuer Officer has examined the books and records of the Issuer relating to the collection and receipt of Gross Revenues and relating to Operating Expenses; (2) setting forth the amount of Net Revenues, for the most recent Fiscal Year for which audited financial statements for the System are available or any twelve (12) consecutive months selected by the Issuer of the twenty four (24) months immediately preceding the issuance of such Additional Bonds; and (3) stating that such Net Revenues, adjusted as provided in Section 6.02(E) hereof, equal at least 1.20 times the Maximum Debt Service Requirement for all Outstanding Bonds and such Additional Bonds then proposed to be issued. (C) In computing Maximum Debt Service Requirement for purposes of this Section 6.02, the interest rate on outstanding Variable Rate Bonds, and on additional parity Variable Rate Bonds then proposed to be issued, shall be calculated as provided in the definition of Debt Service Requirement. SCHEDULE VIII-1