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Section 9 . The City of Everett hereby covenants and <br /> agrees with the owner and holder of each of the Bonds , for as long <br /> as any of the same remain outstanding, as follows : <br /> (a) That it will establish, maintain and collect rates and <br /> charges for sanitary sewage collection and disposal service (and <br /> for water in the event the sewerage system is ever combined with <br /> the water system of the city ) for as long as any of the Outstanding <br /> Parity Bonds , the Bonds and any Parity Revenue Bonds are outstanding <br /> that will make available for the payment of the principal of and <br /> interest on all of such bonds as the same shall become due an <br /> amount equal to at least 1 . 35 times the amount required each calendar <br /> year hereafter for the payment of all of such principal and interest <br /> after normal expenses of maintenance and operation) including pro <br /> rata budget charges for city departments as provided in Section 6 <br /> above ) have been paid but before depreciation and before any transfer <br /> of moneys to any funds of the city other than the Bond Redemption <br /> Fund and taxes or payments in lieu of taxes payable to the city . <br /> (b) That it will at all times keep and maintain the <br /> System in good repair, working order and condition and will at all <br /> times operate the System and the business in connection therewith in <br /> an efficient manner and at a reasonable cost . <br /> (c) That it will not sell or otherwise dispose of all of <br /> the properties of the System unless provision is made for payment <br /> into the Bond Redemption Fund of a sum sufficient to redeem and <br /> retire all of the Outstanding Parity Bonds , the Bonds and any <br /> Parity Revenue Bonds outstanding in accordance with the terms <br /> thereof, nor will it sell or otherwise dispose of any portion of <br /> the properties of the System (unless the same are no longer <br /> used, useful or necessary in the operation thereof and in the <br /> producing of revenue) unless provision is made for payment into <br /> the Bond Redemption Fund of an amount which shall be in at least <br /> the same proportion to the amount of Outstanding Parity Bonds , the <br /> 11 . <br />