Where tax coverage is not met under the foregoing rule, the coverage may be satisfied if a certified showing is submitted of historical collection by the issuer evidencing more than 90% for at least three tax years preceding the transaction in question, whereby the lowest collection of the three years applied to the current, approved assessed value will equal or exceed the maximum debt service requirements for all outstanding issues and the proposed issue.

Source Note:The provisions of this §53.6 adopted to be effective January 1, 1976.