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it is authorized by law to issue revenue bonds, or <br /> Second, refunding at or prior to their maturity, any <br /> revenue warrants, or outstanding revenue bonds or other obliga- <br /> tions payable out of the Revenue of the System <br /> and to pledge that payments will be made out of the Revenue of the <br /> System and into the Revenue Bond Fund and the Reserve Account <br /> therein to pay and secure the payment of the principal of and <br /> interest on such future Parity Bonds on a parity with the payments <br /> required herein to be made out of such Revenue into such Fund and <br /> Account to pay and secure the payment of the principal of and <br /> interest on any Bonds then outstanding, upon compliance with the <br /> following conditions: <br /> ( 1) At the time of the issuance of any future Parity <br /> Bonds there is no deficiency in the Revenue Bond Fund or the <br /> Reserve Account. <br /> (2 ) If there are Assessments levied in any utility <br /> local improvement district to pay for additions and improvements <br /> to and extensions of the System which will be constructed from the <br /> proceeds of such future Parity Bonds, the ordinance authorizing <br /> such future Parity Bonds shall require that such Assessments be <br /> paid into the Revenue Bond Fund. <br /> (3) If there are Assessments pledged to be paid into a <br /> warrant or bond redemption fund for revenue bonds or warrants <br /> being refunded by future Parity Bonds, the ordinance authorizing <br /> the future Parity Bonds shall require such Assessments to be paid <br /> into the Revenue Bond Fund. <br /> (4) The principal of and interest on the future Parity <br /> Bonds shall be payable out of the Revenue Bond Fund and the <br /> -23- BD338 81/12/22 <br />