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<br />depositing with, or making available to, a paying agent (or escrow agent) therefor, in
<br />trust and irrevocably set aside exclusively for such payment, (1) money sufficient to
<br />make such payment or (2) direct obligations of the United States of America,
<br />certified by an independent public accounting firm of national reputation to mature
<br />as to principal and interest in such amounts and at such times as wi11 insure the
<br />availability, without reinvestment, of sufficient money to make such payment, and
<br />all necessary and proper fees, compensation, and expenses of such paying agent
<br />pertaining to the Outstanding Bonds, Bonds and Additional Bonds with respect to
<br />which such deposit is made shall have been paid or the payment thereof provided for
<br />to the satisfaction of such paying agent. At such time as an Outstanding Bond, Bond
<br />or Additional Bond shall be deemed to be paid hereunder, as aforesaid, it shall no
<br />longer be secured by or entitled to the benefit of this Ordinance or a lien on and the
<br />pledge of the Pledged Revenues, and shan be entitled to payment solely from such
<br />money or direct obligations.
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<br />(b) Any moneys so deposited with a paying agent may, at the direction of
<br />the City, also be invested in direct obligations of the United States of America,
<br />maturing in the amounts and times as hereinabove set forth, and all income from
<br />such direct obligations in the hands of the paying agent pursuant to this Section
<br />which is not required for the payment of the Outstanding Bonds, the Bonds and
<br />Additional Bonds, the redemption premium, if any, and the interest thereon, with
<br />respect to which such money has been so deposited, shall be remitted to the City.
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<br />(c) The City covenants that no deposit will be made or accepted under
<br />clause (a)(ii) of this Section and no use made of any such deposit which would cause
<br />the Bonds or any Additional Bonds to be treated as arbitrage bonds within the
<br />meaning of Section 103(c)(2) of the Internal Revenue Code of 1954, as amended.
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<br />(d) Notwithstanding any other provisions of this Ordinance, all money or
<br />direct obligations of the United States of America set aside and held in trust
<br />pursuant to the provisions of this Section for the payment of Outstanding Bonds,
<br />Bonds and Additional Bonds, the redemption premium, if any, and interest thereon,
<br />shall be applied to and used for the payment of such Obligation Bonds, Bonds and
<br />Additional Bonds, the redemption premium, if any, and interest thereon.
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<br />Section 23. ADDITIONAL BONDS. (a) The City shall have the right and
<br />power at any time and from time to time and in one or more series or issues, to
<br />authorize, issue and deliver Additional Bonds, in accordance with law, in any
<br />amounts, for purposes of extending, improving or repairing the System or for the
<br />purpose of refunding of any Bonds, Additional Bonds or other obligations of the City
<br />incurred in connection with the ownership or operation of the System. Such
<br />Additional Bonds, if and when authorized, issued and delivered in accordance with
<br />this Ordinance, shall be secured by and made payable equally and ratably on a parity
<br />with the Bonds, and all outstanding Additional Bonds, from an irrevocable first lien
<br />on and pledge of the Pledged Revenues.
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<br />(b) The Interest and Sinking Fund and the Reserve Fund shall secure and
<br />be used to pay a11 Additional Bonds as wen as the Bonds. However, each ordinance
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