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Pursuant to the provisions of the Act and the Ordinance, the principal of and <br /> interest on this bond and all other bonds of said issue, the Prior Bonds (as hereinafter <br /> defined), and any bonds hereafter issued on a parity therewith are payable solely from the <br /> Sinking Fund (the "Sinking Fund") maintained under the Ordinance to be provided from <br /> the Net Revenues (defined as the gross revenues of the works after deduction only for the <br /> payment of the reasonable expenses of operation, repair and maintenance of the works, <br /> and which reasonable expenses of operation, repair and maintenance specifically do not <br /> include any rates or charges in lieu of taxes made and collected by the works and <br /> transferred to the City in accordance with the Act. <br /> The City irrevocably pledges the entire Net Revenues of the works to the prompt <br /> payment of the principal of and interest on the Bonds and any bonds ranking on a parity <br /> therewith, including the "Waterworks Revenue Bonds of 2009, Series B dated November <br /> 19, 2009 (the "2009B Bonds"), "Waterworks Revenue Bonds of 2009, Series A" dated <br /> September 1, 2009 (the "2009A Bonds"), "Waterworks Revenue Bonds of 2006" dated <br /> June 1, 2006 (the "2006 Bonds"), "Waterworks Revenue Bonds of 2002" dated June 1, <br /> 2002 (the "2002 Bonds"),"Waterworks Revenue Bonds of 2000" dated June 12, 2000 <br /> (the "2000 Bonds") and the "Waterworks Revenue Bonds of 1997" dated December 1, <br /> 1997 (the "1997 Bonds"), (the 2009B Bonds, the 2009A Bonds, the 2006 Bonds, the <br /> 2002 Bonds, the 2000 Bonds and the 1997 Bonds together, the "Prior Bonds"), each <br /> authorized by ordinance of the City, to the extent necessary for such purposes, and <br /> covenants that it will establish proper rates and charges for services rendered by the <br /> utility as are sufficient in each year for the payment of the proper and reasonable <br /> expenses of operation, repair and maintenance of the works and for the payment of the <br /> sums required to be paid into the Sinking Fund under the provisions of the Act and the <br /> Ordinance. if the City or the proper officers thereof shall fail or refuse to so fix and <br /> collect such rates or charges, or if there be a default in the payment of the interest on or <br /> principal of this bond, the owner of this bond shall have all of the rights and remedies <br /> provided for in the Act. <br /> The City covenants that for so long as the Bonds and any bonds issued on a parity <br /> therewith, including the Prior Bonds, remain outstanding it will set aside and pay into the <br /> Sinking Fund a sufficient amount of the Net Revenues for the payment of (a) the <br /> principal of and interest on all bonds which by their terms are payable from the Net <br /> Revenues, as such principal and interest shall fall due, (b) the necessary fiscal agency <br /> charges for paying bonds and (c) an additional amount to maintain the reserve required <br /> by the Ordinance. Such required payments shall constitute a first charge upon all the Net <br /> Revenues. Reference is made to the Ordinance for a more complete statement of the <br /> revenues from which and conditions under which this bond is payable, a statement of the <br /> conditions on which obligations may hereafter be issued on parity with this bond, the <br /> manner in which the Ordinance may be amended and the general covenants and <br /> provisions pursuant to which this bond has been issued. <br /> The bonds of this issue maturing on and after January 1, 20— are redeemable at <br /> the option of the City on January 1, 20_, or any date thereafter, on thirty (30) days' <br /> notice, in whole or in part, in any order of maturities selected by the City and by lot <br /> within a maturity, at 100% of face value, together with the following premiums: <br /> - 12 - <br />