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(a) The City reserves the right to issue future Parity Bonds for the purposes of <br /> First, providing funds to acquire, construct, reconstruct, install, or replace <br /> any equipment, facilities, additions, betterments, or other capital improvements to the System for <br /> which it is authorized by law to issue revenue bonds, or <br /> Second, refunding at or prior to their maturity, any revenue warrants, or <br /> outstanding revenue bonds or other obligations payable out of the Revenue of the System, <br /> and to pledge that payments will be made out of the Revenue of the System and into the Revenue <br /> Bond Fund and the accounts therein to pay and secure the payment of the principal of and <br /> interest on such future Parity Bonds on a parity of lien with the payments required herein to be <br /> made out of such Revenue into such Fund and accounts to pay and secure the payment of the <br /> principal of and interest on any Parity Bonds then outstanding, upon compliance with the <br /> following conditions: <br /> (1) At the time of the issuance of any future Parity Bonds there is no <br /> deficiency in the Revenue Bond Fund or any accounts therein. <br /> (2) If there are assessments levied in any utility local improvement <br /> district to pay for additions and improvements to and extensions of the System which will be <br /> constructed from the proceeds of such future Parity Bonds, the ordinance authorizing such future <br /> Parity Bonds shall require that such assessments be paid into the Revenue Bond Fund. <br /> (3) If there are assessments pledged to be paid into a warrant or bond <br /> redemption fund for revenue bonds, warrants or other revenue obligations being refunded by <br /> future Parity Bonds, the ordinance authorizing the future Parity Bonds shall require such <br /> assessments to be paid into the Revenue Bond Fund. <br /> -38- P:\CMW\CMW5NP 04/22/03 <br />