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I%W <br />Page 12 <br />r.rr <br />Section 7. (a) That the City has heretofore, by <br />Ordinance No. 712, passed and approved May 11, 1965, fixed and <br />established rates for services of the Water System, to which <br />Ordinance reference is hereby made for said rates and other pro- <br />visions relating thereto, and the Council hereby confirms and <br />continues said rates. <br />(b) That the City covenants and agrees with the holders <br />of the bonds and coupons that said rates will produce a total <br />revenue which shall be at least sufficient to pay the principal <br />of and interest on all bonds payable from revenues of the Water <br />System, including the bonds of this issue, and the Paying Agent's <br />fees, on all such bonds, make the required provisions for depre- <br />ciation, and pay the reasonable and proper operation and maintenance <br />expenses of the System, and the City covenants and agrees that said <br />rates shall, if and when necessary, be increased in an amount suf- <br />ficient to produce total revenues at least sufficient to meet the <br />above requirements. <br />(c) That the City further covenants and agrees that <br />said rates shall never be reduced until all outstanding bonds and <br />coupons are paid in full. <br />Section 8. Nothing in this Ordinance shall be construed <br />to in any manner impair the rights of the holders of the Water <br />System Revenue Bonds of the City, dated October 1, 1961, and the <br />lien of the bonds herein authorized on the revenues of the System <br />shall be subject to the lien of said October 1, 1961, Bonds as <br />long as any of said bonds are outstanding and unpaid. But after <br />the bonds of said prior issue are paid, the lien of the bonds of <br />