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<br />"parity obligations").
<br />In and by the Resolution, the Issuer has covenanted.and
<br />agreed with the holders of the Bonds of this issue that it will
<br />fix, establish, revise from time to'time whenever necessary, main-
<br />tain and collect always -such fees, rates, rentals and.other charges
<br />for the use of -the product, services and facilities of the System
<br />which will always produce cash revenues sufficient to pay, and out
<br />of such funds pay, as the same shall become due, the principal of
<br />and interest on the parity obligations and the Bonds, the necessary
<br />expenses of operating and maintaining the System and all reserve,
<br />Sinking Fund or other payments required by the Resolution, and that
<br />such rates, rentals, fees and other charges will not be reduced so
<br />as to -be insufficient to provide funds for such purposes.
<br />The Bonds of this issue maturing on or before September
<br />1, 1989 are not subject to redemption prior to their respective
<br />stated dates of maturity. Bonds maturing September 1, 1990 and
<br />thereafter shall, at the option of the Issuer, be•redeemable in
<br />whole or in part, in inverse numerical and maturity order, on
<br />September 1, 1989 or on any interest payment date thereafter at par
<br />and accrued interest, plus the following premiums, expressed as
<br />percentages of the par value of the Bonds so redeemed, if redeemed
<br />in the following years:
<br />58, if redeemed on September 1, 1989 or thereafter,
<br />° to and including September 1, 1991;
<br />4%, if redeemed on September 1, 1992 or thereafter,
<br />to and including September 1, 1996;
<br />38, if redeemed on September 1, 1997 or thereafter,
<br />to and including September 1, 2000;
<br />2%, if redeemed on September 1, 2001 or thereafter,
<br />to and including September 1, 2004;
<br />18, if redeemed on September 1, 2005 or thereafter,
<br />to and including September 1, 2008;.
<br />Without premium, if redeemed September 1, 2009 or
<br />...,.thereafter, but prior to maturity; '
<br />provided, however, that notice of such redemption shall be given in
<br />the manner required by the Resolution.
<br />It is hereby certified and recited that all acts, con-
<br />ditions, and things required to exist, to happen and to be per-
<br />-11-
<br />'f1U 3-97
<br />en
<br />JAN 4 1979
<br />
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