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When each phase of the project has been substantially com- pleted and placed in operation and use, the Consulting Engineers shall certify such fact to the Issuer and the same shall be deemed to be the completion date of each phase of the project. The Consulting Engineers shall also prepare a monthly progress report showing the status of the construction and acquisition of the project, the construction contracts entered into therefor, an esti- mated time schedule for completion, the percentage of completion thereof, the availability of funds for completion of the project and any other matters deemed advisable by such Consulting Engineers. Copies of: such progress reports shall be mailed to the original purchaser of the Obligations. P. NO C014PETING FACILITIES. To the full extent permitted by law, the Issuer will not grant, renew or cause, consent to, or allow the granting, renewal, extension or expansion of any franchise or permit to any person, firm, corporation or body, or agency or instrumentality whatsoever, for the furni.shinq of services similar to those of the Facilities to or within the boundaries of the Issuer. Q. ISSUANCE OF OTHER OBLIGATIONS. (1) The Issuer will not issue any other obligations payable from Revenue Sharing Trust Funds (as herein defined) received each year nor voluntarily create_ any lien leaving priority to to being on a parity with the lien of the Obligations and the interest thereon upon the Revenue Sharing Trust Funds. Any other obligations issued by the Issuer in addition to the Obligations herein authorized, payable from such Revenue Shar- ing Trust Funds, shall contain an express statement that such Obliga- tions are junior and subordinate in all respects to the Obligations herein authorized as to lien on and source and security for payment from such Revenue Sharing Trust Funds. (2) Further, the Issuer will not issue any other obliga- tions, except under the conditions and in the manner provided herein, payable from the Revenues of the Facilities, nor voluntarily create or cause to be created any debt, lien, pledge, assignment, encumbrance or other charge having priority to or being on a parity with the lien of the Obligations and the interest thereon, upon said Revenues.