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• <br /> betterments, or other capital improvements to the System for <br /> which it is authorized by law to issue revenue bonds, or <br /> Second, refunding at or prior to their maturity, any revenue <br /> warrants, or outstanding revenue bonds or other obligations <br /> payable out of the Revenue of the System and to pledge that <br /> payments will be made out of the Revenue of the System and <br /> into the Revenue Bond Fund and the Reserve Account therein <br /> to pay and secure the payment of the principal of and interest <br /> on such future Parity Bonds on a parity with the payments <br /> required herein to be made out of such Revenue into such <br /> Fund and Account to pay and secure the payment of the prin- <br /> cipal of and interest on any Parity Bonds then outstanding, <br /> upon compliance with the 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 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 /> (4) The principal of and interest on the future Parity <br /> Bonds shall be payable out of the Revenue Bond Fund and the <br /> requirements for reserve account payments in Section 6 hereof <br /> shall be met. <br /> -20- <br />