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for the continued preservation of the health, welfare, convenience <br />and safety of the Issuer and its inhabitants. <br />(B) The Issuer has been advised by its consulting engi- <br />neers and it is hereby found and determined that the estimated Cost <br />of the Project is $553,600, which shall be paid with the proceeds <br />of the sale of the Bonds and a federal grant in the amount of <br />$317,600. <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 $ 33,660.00, and <br />will be sufficient to pay, as the same shall become due and <br />payable, the principal of and interest on the Parity Obligations <br />and the principal of and interest on the Bonds and Operating <br />Expenses, the aggregate annual amount of which is estimated to be <br />$23,990 00 It is estimated that the period of usefulness of <br />the Project will exceed forty-one years. <br />(D) It is deemed necessary and desirable to pledge the <br />Pledged Funds to the payment of the principal of and interest on <br />the Bonds. No part of the Pledged Funds have been pledged or <br />hypothecated except with respect to the Bonds and the Parity <br />Obligations. <br />(E) The Original Instrument, in Section 3.04(H) thereof <br />provides for the issuance of additional parity obligations under <br />s - <br />the terms, limitations and conditions provided therein; and the <br />Issuer is authorized to issue the Bonds as additional parity obli- <br />gations within the authorization contained in Section 3.04(H) of <br />the Original Instrument, by reason of the waiver of the conditions <br />contained therein by the Government which will purchase all of the <br />Parity Obligations. The Bonds shall be on a parity and rank <br />equally as to lien on and source and security for payment from the <br />Pledged Funds, and in all other respects, with the Parity <br />Obligations. <br />(F) This Instrument is declared to be and shall consti- <br />tute a contract between the Issuer and all of the holders of the <br />Bonds; and the covenants and agreements herein set forth to be per- <br />-4- <br />lu� <br />�'D <br />