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(D) For the purpose of this Section 6.02, the phrase “the most recent Fiscal Year <br />audited financial statements for the System are available or any twelve (12) consecutive months <br />selected by the Issuer of the twenty-four (24) months immediately preceding the issuance of such <br />Additional Bonds” shall be sometimes referred to as “twelve (12) consecutive months.” <br />(E) Such Net Revenues may be adjusted by the Authorized Issuer Officer upon <br />the written advice of the Consulting Engineers, at the option of the Issuer, as follows: <br />(1) If the Issuer, prior to the issuance of the proposed Additional Bonds, <br />shall have adopted and implemented an increase in the Rates, the Net Revenues for <br />the twelve (12) consecutive months shall be adjusted to show the Net Revenues <br />which would have been derived from the System in such twelve (12) consecutive <br />months as if such increased Rates had been in effect during all of such twelve (12) <br />consecutive months. <br />(2) If the Issuer, prior to the issuance of the proposed Additional Bonds, <br />shall have acquired or has contracted to acquire any privately or publicly owned <br />existing water system, the cost of which shall be paid from all or part of the <br />proceeds of the issuance of the proposed Additional Bonds, then the Net Revenues <br />derived from the System during the twelve (12) consecutive months immediately <br />preceding the issuance of said Additional Bonds shall be increased by adding to the <br />Net Revenues for said twelve (12) consecutive months the Net Revenues which <br />would have been derived from said existing water system as if such existing water <br />system had been a part of the System during such twelve (12) consecutive months. <br />For the purposes of this paragraph, the Net Revenues derived from said existing <br />water system during such twelve (12) consecutive months shall be adjusted to <br />determine such Net Revenues by deducting the cost of operation and maintenance <br />of said existing water system from the gross revenues of said system. Such Net <br />Revenues shall take into account any increase in rates imposed on customers of <br />such acquired water system on or prior to the acquisition thereof by the Issuer. <br />(3) If the Issuer, in connection with the issuance of Additional Bonds, <br />shall enter into a contract (with a duration not less than the final maturity of such <br />Additional Bonds) with any public or private entity whereby the Issuer agrees to <br />furnish services in connection with any water system, then the Net Revenues of the <br />System during the twelve (12) consecutive months immediately preceding the <br />issuance of said Additional Bonds shall be increased by the least amount which said <br />public or private entity shall guarantee to pay in any one year for the furnishing of <br />said services by the Issuer, after deducting therefrom the proportion of operating <br />expenses and repair, renewal and replacement cost attributable in such year to such <br />services. <br />(4) In the event the Issuer shall be constructing or acquiring additions, <br />extensions or improvements to the System from the proceeds of such Additional <br />Bonds and shall have established Rates to be charged and collected from users of <br />such facilities when service is rendered, such Net Revenues may be adjusted by <br />adding thereto the Net Revenues estimated by the Consulting Engineers to be <br />derived during the first twelve (12) months of operation after completion of the <br />construction or acquisition of said additions, extensions and improvements from <br />SCHEDULE VIII-2 <br /> <br />