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(e) The Additional Parity Obligations are made to mature on or <br />, either or both, of each year in which they are scheduled to mature. <br />(f) The ordinance authorizing the Additional Parity Obligations provides (i) that the <br />Interest and Sinking Fund be augmented by amounts adequate to accumulate the sum required to <br />pay the principal and interest on such obligations as the same shall become due, and (ii) the <br />amount to be accumulated and maintained in the Reserve Fund, or such amount together with the <br />amount or amounts any surety policy or policies, shall be increased to an amount not less than <br />the average annual principal and interest requirements of all Parity Revenue Obligations to be <br />outstanding after giving effect to the issuance of the proposed additional obligations, and any <br />additional amount required to be maintained in the Reserve Fund shall be accumulated within <br />sixty-one months from the date of delivery of such Additional Parity Obligations. <br />(g) Parity Revenue Obligations may be refunded (pursuant to any law then available) <br />upon such terms and conditions as the governing body of the City may deem to be in the best <br />interest of the City and its inhabitants; and if less than all such outstanding Parity Revenue <br />Obligations are refunded, the proposed refunding obligations shall be considered as "Additional <br />Parity Obligations" under the provisions of this Section, and the report or certificate required by <br />paragraph (d) shall give effect to the issuance of the proposed refunding obligations and shall not <br />give effect to the obligations being refunded. <br />ARTICLE X <br />PARTICULAR REPRESENTATIONS AND COVENANTS <br />Section 10.01. Rates and Char es. <br />The City covenants and agrees with the Owners of the Bonds that so long as any Parity <br />Revenue Obligations, or any interest thereon, remain outstanding and unpaid, it will charge and <br />collect for services rendered by the System amounts sufficient at all times to: <br />(a) Pay all operating, maintenance, depreciation, replacement and betterment <br />expenses, and other costs deductible in determining Net Revenues; <br />(b) Establish and maintain the Interest and Sinking Fund and Reserve Fund, including <br />payment of any Policy Costs, as defined in Section 14.02(a), created for the payment and <br />security of the Parity Revenue Obligations; and <br />(c) Pay the requirements of all other outstanding lawful indebtedness of the System <br />as and when the same becomes due. <br />SANMARCOS/W W WSRev2017A: Ordinance 31 <br />