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shall be deposited to the credit of the Water and Sewer Fund, and if such proceeds shall be insufficient for such purposes, the deficiency shall be supplied, first, from monies in the Depreciation Fund, and second, from monies in the Operation and Maintenance Fund, and third, from surplus monies in the Water and Sewer Fund. Nothing herein shall be construed as requiring the City to expend any funds for operation and maintenance of the System or for premiums on its insurance which are derived from sources other than the operation of the System, but nothing herein shall be construed as preventing the City from doing so. Section 21. The City covenants and agrees that so long as any bonds authorized hereby are outstanding, that it will not mortgage, pledge or otherwise encumber the System, or any part thereof or any revenues derived from the operation thereof, except as herein specifically provided, and will not sell, lease or otherwise dispose of any substantial portion of the same. Section 22. There shall be a statutory mortgage lien upon the water facilities, which shall exist in favor of the holders and registered owners of the bonds until payment in full of the interest on and principal of the bonds; provided, however, that such statutory mortgage lien shall be interpreted according to the decision of the Supreme Court of the State of Arkansas in Cid of Harrison v. Braswell, supra. Section 23. The owner or owners of all improved property lying within the area that will be served by the sewer facilities are hereby directed and required, upon written request from the City, to connect all toilet and waste water facilities of such improved property with the sewer facilities. The required notice by the City shall be given at least thirty (30) days prior to the final date for connection, and if any property