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System. All expenses incurred in the maintenance of such books <br /> and accounts and the preparation of such statement may be regarded <br /> and paid as an expense of operation of the System. <br /> Section 11 . The city hereby further covenants and agrees <br /> with the owner and holder of each of the Bonds for as long as any <br /> of the same remain oustanding that it will not issue any Parity <br /> Revenue Bonds except <br /> A. That the city reserves the right, for <br /> First, the purpose of acquiring, constructing and <br /> installing additions, betterments and improvements to and <br /> extensions of, acquiring necessary equipment for, or making <br /> necessary replacements of or repairs or capital improve- <br /> ments to the System, or <br /> Second, the purpose of refunding by exchange or <br /> purchasing and retiring at or prior to their maturity <br /> any outstanding revenue bonds or revenue coupon warrants <br /> of the city that may have a lien on the money in the Sewer <br /> Revenue Fund for the payment of the principal thereof and <br /> interest thereon junior and inferior to the lien on the <br /> money in such Fund for the payment of the principal of and <br /> interest on the Bonds, <br /> to issue additional and/or refunding bonds therefor (hereinbefore <br /> defined as "Parity Revenue Bonds ") and to pledge that payments will <br /> be made out of the Sewer Revenue Fund into the Bond Redemption Fund <br /> and Reserve Account to pay and secure the payment of the principal <br /> of and interest on such Parity Revenue Bonds on a parity with the <br /> payments required in this ordinance to be made out of the Sewer <br /> Revenue Fund into such Fund and Account to pay and secure the pay- <br /> ment of the principal of and interest on the Bonds, upon compliance <br /> with the following conditions : <br /> -22- <br />