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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 -