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5/6/74 of the items hereinafter in this Covenant 11 designated (a) and (b), shall have amounted to at least 1.25 times the maximum amount of annual debt service in any fiscal year thereafter on all indebtedness to be outstanding immediately subsequent to the incurring of such additional indebted- ness. For the purposes of this Covenant 11, the net revenues of the enterprise shall not include any sum transferred from the Construction Fund under the provisions of Section 10(a) hereof. The items either or all of which may be added to such net revenues for the purpose of applying the restriction contained in this Covenant 11 are the following: (a) An allowance for net revenues from any additions to or improvements or extensions of the enterprise to be made with the proceeds of such additional indebtedness, and also for net revenues from any such additions, improvements or extensions which have been made from moneys from any source but which, during all or any part of such fiscal year or last completed 12 month period, were not in service, all in an amount equal to 75% of the estimated additional average annual net revenues to be derived from such additions, improvements and extensions for the first 36 month period in which each addition, improvement or extension is respectively to be in operation, all as shown by the certificate or opinion of a qualified independent engineer employed by the City. (b) An allowance for earnings arising from any increase in the charges made for service from the enterprise which has become effective prior to the incurring of such additional indebtedness but which, during all or any part of such fiscal year or last completed 12 month period, was not in effect, in an amount equal to 75% of the amount by which the net revenues would have been increased if such increase in charges had been in effect during the whole of such fiscal year or last completed 12 month period, as shown by the certificate or opinion of a qualified independent engineer employed by the City. Section 13. Lost, Stolen, Desh'oyed or Mutilated Bonds. In the event that any bond or any interest coupon pertaining thereto is lost, stolen, destroyed or mutilated, the City will cause to be issued a new bond or coupon similar to the original to replace the same in such manner and upon such reasonable terms and conditions, including the payment of costs and the posting of a surety bond if the City deems such surety bond necessary, as may from time to time be determined and prescribed by resolution. The City may authorize such new bond or coupon or coupons to be signed and authenticated in such manner as it determines in said resolution. Section 14. Cancellation of Bonds. All bonds and coupons surrendered to the Director of Finance or any paying agent of the City for payment upon maturity or for redemption shall upon payment therefor be cancelled immediately and in the case of any paying agent said coupon shall be forthwith transmitted to the Director of Finance. Any bonds purchased by the City as authorized herein together with all unpaid coupons pertaining thereto shall be cancelled forthwith and shall not be reissued. All of the cancelled bonds and interest coupons shall remain in the custody of the Director of Finance until destroyed pursuant to due authorization. Section 15. Consent of Bondholders. The consents of bondholders provided for in this section shall relate solely to the amendment, waiver or modification of the covenants specified in Section 12 hereof and shall not be effective to waive or modify any other provisions of this resolution or any other proceedings for the issuance of said bonds. Any act relating to the amendment, waiver or modification of any of the said covenants consented to by bondholders holding sixty-six per cent (66%) in aggregate principal amount of the bonds then outstanding (exclusive of issuer-owned bonds), shall be binding upon the holders of all of the bonds and interest coupons, whether such coupons be attached to bonds or detached therefrom, and shall not be deemed an infringement of any of the provisions of this resolution, whatever the character of such act may be, and may be done and performed as fully and freely as if expressly permitted by the terms of this resolution, and after such consent relating to 13