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with such institutions or invested in such obligations as may now <br /> or hereafter be permitted cities of the State of Washington by law <br /> and which will mature prior to the date on which the money so <br /> invested shall be needed. All interest earned and income or <br /> profits derived by virtue of such investments shall remain in the <br /> fund or funds in which such proceeds have been deposited and be <br /> used for the purposes for which the Bonds are being issued. Bond <br /> proceeds, or income therefrom, not expended upon completion of the <br /> Project, may be used, first, to make additions and improvements to <br /> the System as deemed necessary by the City Council; and second, to <br /> pay the principal of and interest on any Parity Bonds. <br /> Section 14. Bond Covenants. <br /> (a) The City shall at all times maintain, preserve and keep <br /> the properties of the System in good repair, working order and <br /> condition and will from time to time make all necessary and proper <br /> repairs, renewals, replacements, extensions and betterments <br /> thereto, so that at all times the business carried on in connec- <br /> tion therewith will be properly and advantageously conducted, and <br /> the City will at all times operate or cause to be operated said <br /> properties of the System and the business in connection therewith <br /> in an efficient manner and at a reasonable cost. <br /> (b) The City shall fix, maintain and collect rates and <br /> charges for the use of the services and facilities and all com- <br /> modities sold, furnished or supplied by the System, which shall be <br /> fair and nondiscriminatory and shall adjust such rates and charges <br /> from time to time so that the Revenue of the System derived <br /> therefrom, together with Assessments collected, will at all times <br /> be sufficient ( 1) to pay the Costs of Maintenance and Operation, <br /> (2) to make any payments required to be made on account of the <br /> outstanding Refunded Bonds, (3 ) to pay all payments required to be <br /> made into all revenue bond redemption funds and debt service and <br /> reserve accounts for payment of principal of and interest on all <br /> -13- BD339 81/12/22 <br />