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SECTION XXXI V. Payment on Bonds in the Event of Default. In the event available <br /> moneys are insufficient to pay debt service on the Bonds and any Parity Bonds when due,available <br /> moneys shall be applied, after payment of all costs and expenses associated therewith,to the Bonds <br /> and any Parity Bonds as follows: to the payment to the persons entitled thereto of all unpaid <br /> installments of interest then due on, and the unpaid principal of, the Bonds and any Parity Bonds, <br /> including interest on any past due principal of any Bond or Parity Bond at the rate borne by such <br /> Bond or Parity Bond, in the order of the maturity of the installments of such interest and the due <br /> 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 Bonds or Parity Bonds,no payment shall be made with respect to any subordinate <br /> obligations issued pursuant to Section XXII(f). Moneys available for payment to holders of such <br /> subordinate obligations shall,in the event of an insufficient amount being available to pay all debt <br /> service with respect to the subordinate obligations when due, be applied to the subordinate <br /> obligations in accordance with the sequence and other terms set forth above with respect to <br /> payments regarding Bonds and Parity Bonds unless otherwise provided in the ordinance <br /> authorizing the subordinate obligations. <br /> SECTION XXXV. Actions and Agreements. Each of the Mayor, the Controller, 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 /> - 27 - <br />