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constitute a prior lien and charge upon the gross revenues of the <br /> Everett on-street parking meters superior to all other charges of <br /> any kind or nature, except the necessary cost of maintenance and <br /> operation of said meters . <br /> Section 20 . The City shall have the right to add new <br /> Parking System facilities and related auxiliary facilities by the <br /> issuance of one or more additional series of bonds to be secured by <br /> a parity lien on and ratably payable from the revenues pledged to <br /> the Series A Bonds , Series B Bonds and Series C Bonds , provided in <br /> each instance that: <br /> 1. The facility or facilities to be acquired from the <br /> proceeds of the additional parity bonds is or are made a part of the <br /> Parking System and its or their revenues are pledged as additional <br /> security for the additional parity bonds and the outstanding Series A <br /> Bonds , Series B Bonds and Series C Bonds . <br /> 2 . The City is in full compliance with all covenants and <br /> undertakings in connection with all of its bonds then outstanding <br /> and payable from the revenues of the Parking System or any part thereof. <br /> 3 . The annual net revenues , defined as the gross revenues <br /> less current expenses of the Parking System for the fiscal year next <br /> preceding the issuance of additional parity bonds , are certified by <br /> an independent public accountant, employed by the City, to have been <br /> equal to at least one and four tenths (1 . 4) times the combined average <br /> annual debt service requirements for principal and interest on all <br /> bonds then outstanding and payable from the revenues of the Parking <br /> System. <br /> 4 . The estimated net revenues of the facility or facilities <br /> to be constructed or acquired with the proceeds of such additional <br /> bonds , when added to the estimated future net revenues of the then <br /> existing Parking System shall equal at least one and four tenths (1 . 4) <br /> times the combined average annual debt service requirements for <br /> principal and interest on all outstanding bonds payable from the <br /> revenues of the Parking System and on the additional bonds to be issued. <br /> -22- <br />