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to the payment to the persons entitled thereto of all unpaid installments of interest then due on, and <br /> the unpaid principal of,the Refunding Bonds and any such parity bonds,including interest on any <br /> past due principal of any Refunding Bond or such parity bonds at the rate borne by such Refunding <br /> Bond or such parity bonds, in the order of the maturity of the installments of such interest and the <br /> due dates of such principal and, if the amount available shall not be sufficient to pay in full any <br /> particular installment of interest or maturity of principal, then to such payment ratably, according <br /> to the amounts so due, to the persons entitled thereto, without any discrimination or privilege or <br /> any preference of or priority of interest over principal or principal over interest. <br /> During the continuance of any default in the payment of either principal of or interest or <br /> premium on any Refunding Bonds or bonds ranking on parity with the Refunding Bonds, no <br /> payment shall be made with respect to any subordinate obligations issued pursuant to Section <br /> 21(e). Moneys available for payment to holders of such subordinate obligations shall, in the event <br /> of an insufficient amount being available to pay all debt service with respect to the subordinate <br /> obligations when due, be applied to the subordinate obligations in accordance with the sequence <br /> and other terms set forth above with respect to payments regarding Refunding Bonds and such <br /> parity bonds unless otherwise provided in the ordinance authorizing the subordinate obligations. <br /> SECTION 31. Actions and Agreements. Each of the Mayor, the Controller, and the <br /> Clerk and any other officer or employee of the City is hereby authorized and directed to execute <br /> any instruments or agreements or take any other actions necessary or desirable to effect the <br /> transactions contemplated by this Ordinance, such necessity or desirability to be conclusively <br /> evidenced by the execution of such instruments or agreements or the taking of such action. <br /> - 23 - <br />