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properties of the System unless such facilities are replaced or <br /> provision is made for payment into the Revenue Bond Fund of the <br /> greatest of the following: <br /> ( 1) An amount which will be in the same proportion to <br /> the net amount of Parity Bonds then outstanding (defined as <br /> the total amount of the Parity Bonds less the amount of cash <br /> and investments in the Revenue Bond Fund and accounts there- <br /> in) that the Revenue from the portion of the System sold or <br /> disposed of for the preceding year bears to the total Net <br /> Revenue for such period; or <br /> (2 ) An amount which will be in the same proportion to <br /> the net amount of Parity Bonds then outstanding (as defined <br /> above) that the Net Revenue from the portion of the System <br /> sold or disposed of for the preceding year bears to the total <br /> Net Revenue for such period; or <br /> (3 ) An amount which will be in the same proportion to <br /> the net amount of Parity Bonds then outstanding (as defined <br /> above) that the depreciated cost value of the facilities sold <br /> or disposed of bears to the depreciated cost value of the <br /> entire System immediately prior to such sale or disposition. <br /> The proceeds of any such sale or disposition of a portion of <br /> the properties of the System (to the extent required above) shall <br /> be paid into the Revenue Bond Fund. <br /> Notwithstanding any other provision of this subsection D, <br /> the City may sell or otherwise dispose of any of the works, plant, <br /> properties and facilities of the System or any real or personal <br /> property comprising a part of the same which shall have become <br /> unserviceable, inadequate, obsolete or unfit to be used in the <br /> operation of the System, or no longer necessary, material to or <br /> useful in such operation, without making any deposit into the <br /> Revenue Bond Fund. <br /> -27- WMD202 85/06/10 <br />