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D M rM The bonds are issued pursuant to and in full compliance with the Constitution and laws of the State of Arkansas, including particularly Act No. 131 of the Acts of Arkansas of 1933, as amended, Act No. 132 of the Acts of Arkansas of 1933, as amended, and applicable decisions of the Supreme Court of the State of Arkansas, including decisions of the Supreme Court of the State of Arkansas, including particularly Citv of Harrison v. Braswell, 209 Ark. 1094, 194 S.W. 2d 12 (1946), and pursuant to an Ordinance of the City Council of the City, duly adopted and approved (the "Authorizing Ordinance"), and do not constitute an indebtedness of the City within any constitutional or statutory limitation. The bonds are not general obligations of the City but are special obligations payable solely from revenues of the System. The lien, pledge and security of the bonds as to System revenues is subordinate to the pledge securing certain outstanding bonds of the City (as described in detail in the Authorizing Ordinance) so long as those bonds are outstanding. An amount of System revenues sufficient to pay the principal of and interest on the bonds and to create and maintain a debt service reserve is to be set aside in a special fund for that purpose identified as "1978 Water and Sewer Revenue Bond Fund" created by the Authorizing Ordinance. Reference is hereby made to the Authorizing Ordinance for a statement of the nature and extent of the security and the rights and obligations of the City, the Trustee and the holders and registered owners of the bonds. The City has fixed and has covenanted and agreed to maintain rates for water and sewer services which shall be sufficient at all times at least to provide for the payment of the reasonable expenses of operation and maintenance of the System, provide for the payment, principal and interest, of all bonds to which payments must be made to satisfy pledges of System revenues, including specifically the bonds of this issue, and make the required deposits for depreciation of the System.