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of each of the Refunding Bonds for as long as any of the same <br /> remain outs-taTiding that the City will not issue any bonds or <br /> other obligations having a greater or equal priority of lien upon <br /> the Revenue of the System to pay and secure the payment of the <br /> principal of and interest on such bonds or other obligations than <br /> the lien created upon the Revenue of the System to pay and secure <br /> the payment of the principal of and interest on the 1992 Bonds <br /> except as follows : <br /> A. The City reserves the right to issue future Parity <br /> Bonds for the purposes of <br /> First, providing funds to acquire, construct, <br /> reconstruct, install, or replace any equipment, facilities, <br /> additions, betterments, or other capital improvements to the <br /> System for which it is authorized by law to issue revenue <br /> bonds, or <br /> Second, refunding at or prior to their maturity, <br /> any revenue warrants, or outstanding revenue bonds or other <br /> obligations payable out of the Revenue of the System, <br /> and to pledge that payments will be made out of the Revenue of <br /> the System and into the Revenue Bond Fund and the accounts <br /> 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 <br /> payments required herein to be made out of such Revenue into such <br /> Fund and accounts to pay and secure the payment of the principal <br /> of and interest on any Parity Bonds then outstanding, upon <br /> compliance with the following conditions : <br /> 57 FWWo03DOC 92109/21 <br />