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CM 0 month while any of the Bonds of this issue are outstanding, an amount equal to 3% of the gross revenues derived from the System for the prccedinq month. The moneys in the D(�preciation Fund shall be used soiL2iy nor the purpose of paying the cost of replacements made necessary by the depreciation of the System, except that moneys in the Depreciation Fund may be used to the extent necessary at any time to prevent the default in the payment of principal of, interest on and Trustee's and Paying Aqent's fees in connection with the Bonds. If in any fiscal year a surplus shall be accumulated in the Depreciation Fund over and above the amount necessary to pay the costs of the probably replacements for the System during the then next twelve consecutive months, such surplus shall be trans- ferred to the Sanitation Fund. Section 14. That any surplus in the Sanitation Fund after making all disbursements required by the provisions of this Ordinance and making full provision for the other funds herein provided may be used, at the option of the City, for the redemption of bonds prior to maturity in accordance with the redemption provisions, for paying the cost of extensions, betterments and improvements to the System, or for any other lawful municipal purpose. Section 15. The City hereby agrees that all payment on the Bonds and interest shall be made only through the Pay- ing Agent. All Bonds paid or purchased either at or before maturity shall be cancelled when such payment or purchase is made, together with all unmatured coupons appertaining thereto, and shall not be reissued. All unpaid interest coupons maturing on or prior to the date of such payment or purchase shall con- tinue to be payable to the respective bearers thereof. Section 16. It is hereby covenanted and agreed by the City with the holders of the Bonds that the City will faithfully and punctually perform all duties with reference to the System and the revenues, as specified in and required by the Constitution and laws of the State of Arkansas and by this Ordinance, including the generation of sufficient revenues as