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VMW financing the cost to the City of constructing extensions, betterments and improvements to the Sewer System of the City. The bonds of this issue are issued pursuant to and in full compliance with the Constitution and laws of the State of Arkansas, particularly Act No. 132 of the Acts of Arkansas of 1933, as amended, and Act No. 297 of the Acts of Arkansas of 1937, as amended, and pursuant to an Ordinance of the City Council of the City, duly adopted and approved, as supplemented by a Resolution of the City Council of the City, duly adopted and approved, (being Ordinance No. adopted and approved on the day of and Resolution No. , adopted and approved on the day of , 19 January, 1967) (collectively referred to herein as 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 derived from the operation of the Sewer System, a sufficient amount of which is to be set aside in a special fund for that purpose identified as the "Sewer Revenue Bond Fund," created by the authorizing ordinance, and reference is hereby made to the authorizing ordinance for a detailed statement of the nature and extent of the security (the flow of Sewer Revenue Funds is first to an Operation and Maintenance Fund, second to the Sewer Revenue Bond Fund and third to a Depreciation Fund) , the rights and obligations of the City, the Trustee, and the holders and registered owners of the bonds and the terms and conditions upon which the bonds are issued, including, without limitation, the covenant of the City to maintain rates for sewer service which shall be sufficient at all times to produce revenues adequate for the payment of the expenses of operation and maintenance of the Sewer System, for the payment of the principal of and interest on the bonds, including Paying Agent's fees, and to make the required deposit into the Depreciation Fund. Under the provisions of Act No. 132 of the Acts of Arkansas of 1933, as amended, a lien is fixed upon the