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<br />. . <br /> <br />. <br /> <br />. ",,"--"- <br /> <br />.,/-'- '.'. <br /> <br />. <br /> <br />,.,.-- - ~. <br />/' ....,. <br /> <br />. <br /> <br />,./--........-, <br /> <br />. <br /> <br />e <br /> <br />e <br /> <br />in accordance with all the terms and conditions of this ordinance, it <br /> <br />will not encumber the revenues of the System unless such encumbrance <br /> <br />is made junior and subordinate to the Bonds and to all the provisions <br /> <br />of this ordinance. Provided, however, that the Bonds and the Addi- <br /> <br />tional Bonds may be refunded with the consent of the holders thereof <br /> <br />(except that as to Bonds which have matured by normal maturity and <br /> <br />Additio~~l Bonds which have matured either by normal maturity or <br /> <br />through the exercise of prior redemption provisions, if any, con- <br /> <br />tained in such Additional Bonds, such consent shall not be necessary), <br /> <br />and the refunding bonds so issued shall enjoy complete equality of <br /> <br />lien with the portion of the outstanding bonds which is not refunded, <br /> <br />if any there be, and the refunding bonds shall continue to enjoy the <br /> <br />priority of lien that may have been enjoyed by the bonds refunded; <br /> <br />provided, if only a portion of the bonds then outstanding is so re- <br /> <br />funded and if the refunding bonds are issued in such manner that the <br /> <br />interest rate is increased or that any refunding bond matures earlier <br /> <br />than any of the outstanding bonds which are not refunded, then such <br /> <br />refunding bonds may be issued only if the terms and conditions set <br /> <br />forth in Section 10.06 with respect to Additional Bonds are met, and <br /> <br />such terms and conditions shall apply with equal force to such re- <br /> <br />funding bonds. Any refunding bonds may be either delivered to the <br /> <br />holders of a like amount of the underlying bonds upon simultaneous <br /> <br />surrender and cancellation of sue:h'underly'ing bonds, or, if author- <br /> <br />ized by law, m~y be sold and delivered to purchasers pu.rsuant to <br /> <br />payment therefor for not less than par and accrued interest, in <br /> <br />which event the proceeds of sale and delivery shall be deposited in <br /> <br />the bank of payment and applied to the payment of the underlying <br /> <br />bonds authorized to be refunded. <br /> <br />12.04 - NO COMPETING SYSTEM: That the City further covenants and <br /> <br />agrees that, to the extent it legally may, so long as any of the <br /> <br />- 24-, <br />