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appurtenant or incidental thereto, including the cost of any land or <br />interest therein or of any fixtures or equipment, or property nec- <br />essary or convenient therefor, the cost of labor and materials to <br />Complete such construction, engineering and legal expenses, fiscal <br />expenses, expenses for estimates of costs and revenues, expenses for <br />plans, specifications and surveys, interest during construction, if <br />any, administrative expenses and all other necessary miscellaneous <br />expenses. <br />• (C)' The revenues to be derived annually from the rates, <br />rentals, fees and other charges made and collected for the services <br />• and facilities of the System are estimated to be $ 77,324.00 <br />• and will be sufficient to pay, as the same shall become due and <br />payable, the principal of and interest on the Bonds and the annual <br />cost of operating, repairing and maintaining the System, the aggregate <br />annual amount of which is estimated to be $ 76,746,00 it <br />is estimated that the period of usefulness of the System will exceed <br />forty-one years. <br />(D) It is deemed necessary and desirable to pledge <br />the gross revenues of the System to the payment of the principal of <br />and interest on the Bonds. No part of such revenues have been <br />pledged or hypothecated except with respect to the Bonds. <br />(E) This instrument is declared to be and shall con- <br />stitute a contract between the Issuer and all of the holders <br />of the Bonds; and the covenants and agreements herein set forth <br />to be performed -by the Issuer are and shall be for the equal <br />benefit,..protection and.security of all of the legal holders <br />of any and all of the Bonds, all of which shall be of equal <br />rank and without reference t <br />p priority or distinction of any . <br />of the Bonds over any other, except,as hereinafter provided. <br />(F) The Issuer is not, under this instrument, obli- <br />gated to levy any ad valorem taxes on -any real or personal property <br />situated within its corporate territorial limits to pay the <br />principal of or interest on thb IIonds or to pay the cost of . <br />maintaining, repairing and operating the System. The Bonds shall <br />not constitute a lien upon the System or any other property of <br />the Issuer or situated within its corporate territorial limits. <br />«2- <br />` BCGK 3 365 <br />g <br />