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<br /> )~offL <br /> (b) The Interest and Sinking Fund and the Reserve Fund <br /> shall secure and be used to pay all Additional Parity Bonds as well <br /> as the Previously Issued Parity Bonds and the Bonds. Howeve r, each <br /> ordinance under which Additional Parity Bonds are issued shall <br /> provide and require that, in addition to the amounts required by the <br /> provisions of this Ordinance and the provisions of any other <br /> ordinance or ordinances authorizing Additional Parity ,Bonds to be <br /> deposited to the credit of the Interest and Sinking Fund, the City <br /> shall deposit to the credit of the Interest and Sinking Fund, at <br /> least such amounts as are required for the payment of all principal <br /> of and interest on said Additional Parity Bonds then being issued, <br /> as the same come due; and that the aggregate amount to be <br /> accumulated and maintained in the Reserve Fund shall be increased <br /> (if and to the extent necessary) to an amount not less than the <br /> average annual principal and interest requirements of all Bonds and <br /> Additional Parity Bonds which will be outstanding after the issuance <br /> and delivery of the then proposed Additional Parity Bonds; and that <br /> the required additional amount shall be so accumulated by the <br /> deposi t in the Reserve Fund of all or any part of said required <br /> additional amount in cash immediately after the delivery of the then <br /> proposed Additional Parity Bonds, or, at the option of the City, by <br /> the deposit of said required additional amount (or any balance of <br /> said required additional amount not deposited in cash as permi tted <br /> above) in monthly installments, made on or before~ the 25th day of <br /> each month following the delivery of the then proposed Additional <br /> Parity Bonds, of not less than 1/60 of said required additional <br /> amount or 1/60 of the balance of said required additional amount or <br /> 1/60 of the balance of said required additional amount not deposited <br /> in cash as permitted above. <br /> (c) All calculations of average annual principal and <br /> interest requirements made pursuant to this Section shall be made as <br /> of and from the date of the Additional Parity Bonds then proposed to <br /> be issued. <br /> (d) The principal of all Additional Parity Bonds must be <br /> scheduled to be paid or mature on November 1 of the years in which <br /> such principal is scheduled to be paid or mature; and all interest <br /> thereon must be payable on May 1 and November 1. <br /> Section 11. 02. Further Requirements for Additional Parity <br /> Bonds. <br /> Additional Parity Bonds shall be issued only in accordance <br /> with this Ordinance, but notwithstanding any provisions of this <br /> Ordinance to the contrary, no installment, series or issue of <br /> Additional Parity Bonds shall be issued or delivered unless: <br /> (a) The Mayor and the City Secretary of the City sign a <br /> written certificate to the effect that the City is not in default as <br /> to any covenant, condition or obligation in connection with all then <br /> 4588f <br /> -34- <br />