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• <br /> First, providing funds to acquire, construct, recon- <br /> struct, 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, any <br /> revenue warrants, or outstanding revenue bonds or other <br /> obligations payable out of the Revenue of the System and to <br /> pledge that payments will be made out of the Revenue of the <br /> System and into the Revenue Bond Fund and the Reserve <br /> Account therein to pay and secure the payment of the <br /> principal of and interest on such future Parity Bonds on a <br /> parity with the payments required herein to be made out of <br /> such Revenue into such Fund and Account to pay and secure <br /> the payment of the principal of and interest on any Parity <br /> Bonds then outstanding, upon compliance with the following <br /> 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 improve- <br /> ments to and extensions of the System which will be con- <br /> structed from the proceeds of such future Parity Bonds, the <br /> ordinance authorizing such future Parity Bonds shall require <br /> that such Assessments be 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 war- <br /> rants being refunded by future Parity Bonds, the ordinance <br /> authorizing the future Parity Bonds shall require such <br /> Assessments to be paid into the Revenue Bond Fund. <br /> -23- <br />