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<br />RGO NRT. RES. SECTION Fax:3038663558 <br />S~T B'i:COLO WATER & PWR. AVlli: 7- 3-97 ; 9:48AM <br /> <br />Jul 3 '97 11:36 P.03 <br />CO WTR & PWR AuiH~ 303 866 3558:#16 <br /> <br />Series 1987A Bond and such Parity Bonds regardless of the fact that they may be actually <br />issued and delivered at different times. <br /> <br />Refunding Bonds. The foregoing provisions as to the issuance of Parity 'Bonds are <br />subject to the following e"ceptions: <br /> <br />(i) If tht: Board shaH fmd it desirable to refund the Bonds. the Series 1987A <br />Bond or any Parity Bonds, or any portion thereof, the Board may issue bonds Of other <br />obligations to refund the same (but only with the consent of the owner or owru:rs mereaf, <br />unless at the time or times of their required surrender for payment the)' shall then matUre <br />or shall then be subject to prior redemption at the Board's option upon proper call). <br /> <br />(ii) Subject to the provisions of paragraph (iii) hereof, any bonds or other <br />obligations so issued to refund all or any portion of the Bonds. the Series 1987A Bond <br />or any Parity Bonds as permitted by paragraph (i) hereof may constitute: Parity Bonds and <br />enjoy complete equality of lien with the portion of any obligations of the same issue or <br />issues which are not refunded. <br /> <br />(iii) MJy such Parity Bonds as described in paragraph (ii) hen;of shall be issued <br />ill compliance with the, requirements applicable: to the issuance of Paricy Bonds as <br />provided above; provided bowcvCI'. rhat such Parity Bonds may be issued. without <br />reference to the prior Fiscal Year income requirements if the refunding obligations do <br />not increase for any Fiscal Year the aggregate principal and interest requirements for <br />such Fiscal Year on the Bonds, the Series 1987 A Bond and all Parity BonQs to be <br />outstanding following the issuance of the refunding bonds. <br /> <br />0\1) An)' such Parity Bonds shall enjoy complete equality of lien with me <br />outstanding Bonds. the Series 1987A Bond and any Parity Bonds which are not refunded. <br />and the owner or owners of such Parity Bonds shall be subrogated to all of the rights and <br />privileges enjoyed by owners of me pan of the outstanding Bonds, the Series 1987A <br />Bond and any Parity Bonds refunded thereby. <br /> <br />Nothing in the Seri(;s 1993 Bond Resolution shall be construed to prohibit alany <br />time the refunding of any OULstanding Bonds, the Series 19i7A Bond or any Parity <br />Bonds, or any portion thereof, by the issuance of refunding obligations which ~nsti[Ute <br />Subordinate Bonds. <br /> <br />Subordinate BQruJs PermiIted. Nothing in the Series 1993 Bond Resolution, except as <br />therein otherwise specifically. stated, shall be constrUed so as to preyent the District from isSuing <br />Subordinate Bonds. <br /> <br />Superior LUn Bonds ProkihiJeti. Noching in the Series 1993 Bond Resolution shall be <br />construed so as to permit the District to issue securities or other obligations payable from the <br />Net Revenues and having 11 lien thereon prior and superior to the Bonds. <br /> <br />21 <br /> <br />~. <br />'r <br />:,r <br />;.f <br />;~ ~ <br />,,' <br /> <br /> <br />'~t.' ' <br />T <br /> <br />., <br /> <br />! <br />