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896
ΕΠΙΣΗΜΗ ΕΦΗΜΕΡΙΔΑ ΤΗΣ 2ας ΑΥΓΟΥΣΤΟΥ
1984
(111) adequate 1eve1s of work1ng cap1ta1 other than cash
for the conduct of 1ts business; and
(1v) start1ng
1η
f1sca1 year
1985,
and for each flscal
year thereafter, the equ1valent of not less than
f1fteen per cent
(15%)
of the annua1 capltal
expend1tures 1ncurred, or expected to be
1nc~rred
1η
each
βuch
year.
(b) For purposes of th1s Sect10n:
(1) the term "total operat1ng expenses" rneans a11
the Borrower' s expenses chargeab1e to . 1
ΙΒ
opera–
t10ns
1η
accordance wlth appropr1ate accountlng
s tandards , 1nclud1ng adeq
U <'I
te mal nteIlance, admln-
1stratlon, taxes and contrlbut10ns requlred by
1aw, but exc1ud1ng prov1s10n for depreclatlon of
1ts assets
1π
operat10n;
(11) the term "depreciation" means depreclatlon of the
Borrower'~
assets
1η
operatlon proper1y va1ued
1η
accordance with appropr1ate account1ng practlces;
(111) the term "worklng capltal other than cash" means
the dlfference between current 3!:)sets (excludlng
cash) and current l1ab111ties;
(1
ν)
the term "current assets (excluding cash)
οι
means
accountB recelvable due within twelve months,
marketab1e securlties,
inνentories
convertib1e
ιο
sa1eab1e goods with1n
twelνe
months, pre-pald
expenses properly chargeable
Ιο
operatlng expenses
wlthin the next
twelνe
months f0110wlng the date
1η
which such pre-pa1d expenses were ffi§de, and a11
other assets whlch could,
ίη
the ord1nary course
of business, be converted
1ηΙο
cash with1n twe1ve
months;
(v) the term "current 1iabl11t1es" means accounts pay–
ab1e w1th1n
twelνe
months, customer advances,
lncoιne
taxes, 1f any, and a 11 other l1abl11 tles
(lncluding debt) wh1ch, pursuant to their terms,
w111 become due and payable or cou1d under clrcum–
stance~
then exist1ng be cal1ed for payment wlthln
twe1νe
months; and
(νΙ)
the term "capl ta1 expendl tures" means a11 expendl–
tures lncurred
οη
account of flxed or capltal
assets, lnc1udlng 1nterest charged
Ιο
construc–
ι10η,
re1ated
Ιο
sewerage and dra1nage operatlons.
(c) For purposes of fulfl11ing the requlrementR set out
ίη
paragraph (a) of this Sect10n the Borrower shal1,
οη
the bas18 of
forec88ts satlsfactory
Ιο
the Borrower and the Bank, carry
ουΙ θΠ
Hnnual revlew of the
ad~quacy
of its rates and charges
1η
respect
ο!
the fol10wlng flsca1 year and the next f0110wing two fiscal
years and,
θΙ
1east three months before the beg1nnlng of the
follow1ng fiscal year, furnlsh to the Bank for 1ts reviewand
conIInent 1ts proposed budget and proposed rates and charges for
such fisca1 year, together w1th f1nancia1 projectlons for the
next
fo11o~1ng
two fisca1 years.
Section
5.05.
1η
order to fulf111 1ts ob1igat10ns under
Sectlon
5.04
the Borrower sha11
οη
a
sem1-annua1 bas1s, beglnnlng
ηοΙ
later than the first semesteL of flscal year
1~~5,
bill
amount8 due for sewerage and dra1nage operatlons and take 811
act10n
ne~essary
to ensure prompt collectlon thereof; Buch
amounts shall be based
οη
current
a8~essed
property va1ues.