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f. <br />tion of the System for the ensuing Fiscal Year, and to the extent <br />that such gross revenues are insufficient to pay debt service re- <br />quirements during such ensuing year on all outstanding Bonds payable <br />from the revenues of the System, build up and maintain the required <br />-reserves for all such outstanding Bonds and pay Operating Expenses, <br />the Issuer shall revise the fees and rates charged for the use of <br />the services and facilities of the System sufficiently to provide <br />the funds required. <br />(Ii) Issuance of Other Obligations. <br />(1) The Issuer covenants and agrees that in the event <br />the cost of construction or completion of the Project shall exceed <br />the dollar amount of Bonds herein authorized, it shall deposit <br />into the Construction Account the amount of such excess out of <br />,funds available to it for such purpose, and the Issuer may pro- <br />vide such excess, and only such excess, through the issuance of <br />parity Bonds conforming to the requirements of paragraph (3) of <br />this subsection; but except to complete the Project, it will not <br />issue any other obligations payable from or secured by the rev- <br />enues of the System, unless the conditions hereinafter set forth <br />shall be met, or unless the lien of such obligations is junior and <br />.subordinate.in all respects to the lien of the Bonds. <br />(2) The Issuer shall have the right to add new water <br />or sewer facilities and related auxiliary facilities, by the <br />issuance of one or more additional series of bonds to be secured <br />by a parity lien on and ratably payable from the gross revenues <br />of'the System, provided in each instance that: <br />(a) The facility or facilities to be built from the <br />proceeds of the additional parity bonds is or are made a part <br />of the System and its or their revenues are pledged as additional <br />security for the additional parity bonds and the outstanding <br />Bonds. <br />(b) The Issuer is in compliance with all covenants <br />and undertakings in connection with all of its Bonds then out- <br />standing and payable from the revenues of the System, or any <br />Part thereof, and his not been in default as to any payments <br />_19 - <br />JAN <br />!� () (� ROOK od� 1'.i; ,` ni <br />JAN 7 31978 'T• J�liv <br />