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payable during the next succeeding twelve calendar months on the Prior Bonds, the Bonds and <br />all bonds on a parity therewith. For these purposes, the interest rate on variable rate debt shall be <br />assumed to be the average interest rate thereon in the preceding calendar year. <br />Such rates or charges shall, if necessary, be changed and readjusted from time to <br />time so that the revenues therefrom shall always be sufficient to .meet the expenses of Operation <br />and Maintenance of the Sewage Works and the requirements of the Sewage Works Sinking <br />Fund. The rates or charges so established shall apply to any and all use of such Sewage Works <br />by and service rendered to the City and all departments thereof and shall be paid no less <br />frequently than semi-annually by the City or the various departments thereof as the charges <br />accrue. <br />Section XVII. Defeasance. If, when the Bonds issued hereunder (or portions <br />thereof) shall have become due and payable in accordance with their terms or shall have been <br />duly called for redemption or irrevocable instructions to call the Bonds (or portions thereof) for <br />redemption shall have been given, and the whole amount of the principal and the interest and the <br />premium, if any, so due and payable upon all of the Bonds (or portions thereof) then outstanding <br />shall be paid; or (i) sufficient moneys, or (ii) direct obligations of, or obligations the principal of <br />and interest on which are unconditionally guaranteed by, the United States of America, the <br />principal of and the interest on which when due will provide sufficient moneys, or (iii) time <br />certificates of deposit fully secured as to both principal and interest by obligations of the kind <br />described in (ii) above of a bank or banks the principal of and interest on which when due will <br />provide sufficient moneys, shall be held in trust for such purpose, and provision shall also be <br />made. for paying all fees and expenses for the redemption, then and in that case the Bonds (or <br />-38- <br />BDDBO] 5738468v1 <br />