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additional bonds issued in accord with Section 16 hereof (together, <br /> "Parity Bonds") as follows: <br /> First - To the payment to the persons entitled <br /> thereto of all installments of interest then due, <br /> including interest on any past due principal at the rate <br /> borne by such bond, in the order of the maturity of the <br /> installments of such interest and, if the amount <br /> available shall not be sufficient to pay in full any <br /> particular installment, then to such payment ratably, <br /> according to the amounts due on such installments, to the <br /> persons entitled thereto, without any discrimination or <br /> privilege; and <br /> Second - To the payment to the persons entitled <br /> thereto of the unpaid principal of and premium on any of <br /> such bonds which shall have become due either at maturity <br /> or pursuant to a call for redemption (other than bonds <br /> called for redemption for the payment of which other <br /> moneys are held) , in the order of their due dates, and, <br /> if the amount available shall not be sufficient to pay in <br /> full the amounts due on any particular date, then to such <br /> payment ratably, according to the amount due on such <br /> date, to the persons entitled thereto without any <br /> discrimination or privilege. <br /> During the continuance of any default in the payment of either <br /> principal of or interest or premium on any 1993 Bond or other <br /> Parity Bond, no payment shall be made with respect to any <br /> subordinate and junior bonds issued in accord with Section 17 (d) <br /> hereof ("Junior Bonds") . Moneys available for payment to holders <br /> of Junior Bonds shall, in the event of an insufficient amount being <br /> available to pay all debt service with respect to the Junior Bonds <br /> when due, be applied to the Junior Bonds in accordance with the <br /> sequence and other terms set forth above with respect to payments <br /> regarding Parity Bonds unless otherwise provided in the ordinance <br /> authorizing the Junior Bonds. <br /> Section 21. Approval of Official Statement. The <br /> distribution of the preliminary official statement with respect to <br /> the 1993 Bonds, substantially in the form presented to this <br /> meeting, with such changes and modifications as may be authorized <br /> by the Mayor, as evidenced by his signature thereon, is hereby <br /> authorized, approved and ratified, and this Council hereby deems <br /> final said official statement, as of its date, in accordance with <br /> the provisions of Rule 15c2-12 of the Securities and Exchange <br /> Commission, subject to completion as permitted by said Rule, and <br /> the Common Council further authorizes the distribution of the <br /> deemed final official statement, and the execution, delivery and <br /> distribution of such document as further modified and amended in <br /> the form of a final official statement. <br /> Section 22. Provisions Regarding Bond Insurance. The <br /> provisions of this Section shall apply with respect to any 1993 <br /> Bonds owned or insured by the Bond Insurer (as defined below) <br /> except to the extent waived in writing by the Bond Insurer. <br /> (a) Definitions. The terms: <br /> "Bond Insurer" shall mean Financial Guaranty <br /> Insurance Company, a New York stock insurance company, or <br /> any successor thereto. <br /> "Bond Insurance Policy" shall mean the municipal <br /> hnnc3 new issue insurance policy issued by the Bond <br />