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."111111W of second lien water system revenue bonds, dated April 1, 1965, and paying necessary expenses incidental thereto and to the issuance of the bonds. 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 1933, as amended, Act No. 132 of 1933, as amended, Act No. 297 of 1937, as amended, and Act No. 145 of 1967, as amended, and applicable decisions of the Supreme Court of the State of Arkansas, including particularly City 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, as supplemented by Resolution of the City Council of the City, duly adopted and approved, being Ordinance No. day of , 19 and approved on the , adopted and approved on the , and Resolution No. day of , adopted , 197 , (collectively referred to herein as the "Authorizing Ordinance"), under which the bonds are authorized to be issued and to which reference is hereby made for a statement of the nature and extent of the security and the rights and obligations of the City, the Trustee and the holders of the bonds. The City has fixed and has covenanted and agreed to maintain rates for services of the System 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, to provide for the payment, when due, of the principal of and interest on the bonds, with the Trustee's and Paying Agent's fees, as the same become due and payable, to maintain required reserves, and to make required deposits for the depreciation of the System. The bonds are subject to redemption prior to maturity, at the option of the City, in whole or in part, with there to be no partial redemption of any bond, in inverse numerical order,