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c <br />same basis as hereinabove prescribed, to reflect the average annual <br />debt service on the additional bonds; and it will make such addi- <br />tional bonds payable as to principal on September 1 of each year in <br />which principal falls due and the coupons attached thes;eto payable <br />on September 1 of each year. If in any subsequently issued series <br />of bonds secured by a parity lien on the revenues of the System, <br />it is provided that excess revenues shall be used to redeem bonds in <br />advance of scheduled maturity, or if the Issuer at its option <br />undertakes to redeem outstanding bonds in advance of scheduled <br />maturity, the Issuer covenants that calls of bonds will be <br />applied to each series of bonds on an equal pro rata basis <br />(reflecting the proportion that the amount originally issued of <br />each series bears to the amount originally issued of each of the <br />other series) to the extent that this may be accomplished in <br />accordance with the call provisions of the respective bond series, <br />but the Issuer shall. have the right to call any or all outstand- <br />ing bonds which may be cal.lcd at par prior to calling any bonds <br />that are callable at a premium. <br />(I). Disnosal of racilities. The Issuer covenants and <br />agrees that, so long as any of the Bonds are outstanding, it <br />will maintain its corporate identity and existence 'and will not <br />sell or otherwise dispose of any of the System facilities or any <br />part thereof, and, except as provided for above, it will not <br />create or permit to be created any charge or lien on the revenues <br />thereof ranking equal or prior to the charge or lien of the Bonds. <br />Notwithstanding the foregoing, the Issuer may at any time per- <br />manently abandon the use of, or sell at fair market .value, any <br />.of its System facilities, provided that: <br />(a) It. is in compliance with all covenants and under- <br />takings in connection with all. of its Bonds then outstanding and <br />payable from the revenues of the System, and the debt service <br />reserve for such Bonds has been full.y established; <br />•(b) It will, in the evcni: of sale, apply the proceeds <br />to either (1) redemption of outstanding Bonds in accordance with <br />the provisions governing payment of Bonds in advance of maturity, <br />-21.- <br />JAN '2 31978 KOK 33 i,ma 384 <br />