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-20 - <br />administer the System on behalf of the City and the bondholders <br />with power to charge and collect (or by mandatory injunction <br />or otherwise to cause to be charged and collected) rates and <br />charges sufficient to provide for the payment of the principal <br />of, interest on and Trustee's and Paying Agent's fees in con- <br />nection with all outstanding Bonds, including the Bonds of <br />this issue, to which revenues are pledged, for the payment <br />of operation and maintenance expenses and the expenses of the <br />receivership, and to provide for depreciation of the System, <br />and to apply the revenues and income in conformity with appli- <br />cable laws of the State of Arkansas and in conformity with <br />the provisions of this Ordinance. When all defaults in prin- <br />cipal and interest payments have been cured, the custody and <br />operation of the System shall revert to the City. <br />(b) No holder of any Bond shall have any right to <br />institute any suit, action, mandamus or other proceeding in <br />equity or at law for the protection or enforcement of any <br />right under this Ordinance or under the Constitution and laws <br />of the State of Arkansas unless such holder previously shall <br />have given to the Trustee written notice of the default on <br />account of which such suit, action or proceeding is to be <br />taken, and unless the holders of not less than ten percent (10%) <br />in principal amount of the Bonds of this issue then outstanding <br />shall have made written request of the Trustee after the right <br />.to exercise such powers or right of action, as the case may be, <br />shall have accrued, and shall have afforded the Trustee a reason- <br />able opportunity either to proceed to exercise the powers herein <br />ganted or granted by the Constitution and laws of the State <br />of Arkansas, or to institute such action, suit or proceeding <br />in its name, and unless, also, there shall have been offered <br />to the Trustee reasonable security and indemnity against the cost, <br />expenses and liabilities to be incurred therein or thereby and <br />the Trustee shall have refused or neglected to comply with such <br />request within a reasonable time, and such notification, request <br />