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Parity Bonds, including interest on any past due principal of any 2016 Bond or Parity Bond at the <br />rate borne by such 2016 Bond or Parity Bond, in the order of the maturity of the installments of <br />such interest and the due dates of such principal and, if the amount available shall not be <br />sufficient to pay in full any particular installment of interest or maturity of principal, then to such <br />payment ratably, according to the amounts so due, to the persons entitled thereto, without any <br />discrimination or privilege or any preference of or priority of interest over principal or principal <br />over interest. <br />During the continuance of any default in the payment of either principal of or interest or <br />premium on any 2016 Bonds or Parity Bonds, no payment shall be made with respect to any <br />subordinate obligations issued pursuant to Section 21(e). Moneys available for payment to <br />holders of such subordinate obligations shall, in the event of an insufficient amount being <br />available to pay all debt service with respect to the subordinate obligations when due, be applied <br />to the subordinate obligations in accordance with the sequence and other terms set forth above <br />with respect to payments regarding 2016 Bonds and Parity Bonds unless otherwise provided in <br />the ordinance authorizing the subordinate obligations. <br />SECTION 34. Actions and Apyeements. Each of the Executive, the Fiscal Officer and <br />any other officer or employee of the City is hereby authorized and directed to execute any <br />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 />-31- <br />