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• <br /> will be made for a Computation Date that is not later than five years after the previous <br /> Computation Date for which rebate installment payment was made. Each rebate installment <br /> payment will be paid no later than 60 days after the Computation Date to which the payment <br /> relates. <br /> (ii) A final rebate payment will be paid within 60 days of the date the Bonds are <br /> discharged or such other period as is permitted by Internal Revenue Service regulations. <br /> (iii) Each payment of Rebatable Arbitrage will be made to the Internal Revenue Service <br /> Center, Philadelphia, Pennsylvania 19225 and will be accompanied by IRS Form 8038-T. <br /> Section 12. Disposition of Bond Proceeds. The proceeds of the Bonds shall be <br /> deposited as follows: <br /> (1) The amount equal to the interest accruing on the Bonds from March 1, <br /> 1997, to the date of their delivery shall be deposited in the 1997 Debt Service Subaccount. <br /> (2) The balance of the proceeds of the Bonds shall be credited to the 1997 <br /> Construction Account and used to pay costs of the Project and costs of issuance of the Bonds. <br /> Section 13. Issuance of Future Parity Bonds. The City hereby further covenants and <br /> agrees with the owners and holders of each of the Bonds for as long as any of the same remain <br /> outstanding that the City will not issue any bonds or other obligations having a greater or equal <br /> priority of lien upon the Revenue of the System to pay and secure the payment of the principal of <br /> and interest on such bonds or other obligations than the lien created upon the Revenue of the <br /> System to pay and secure the payment of the principal of and interest on the Bonds except as <br /> follows: <br /> 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 /> -28- FWWOBU DOC 97/03/04 <br />