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19 or audits promptly after completion to: the Underwriter, any Bond owner upon written request with the District to receive an annual statement, any rating agency then maintaining a rating on the Bonds and the Paying Agent. (n) The District will cause to be prepared and adopted annually, and at such other times as may be provided by law, a budget for the System, which budget shall include payment of the Bonds, (0) Each official of the District having custody of any money derived from the operation of the System, or responsible for its handling, shall be fully bonded at all times, which bond shall be conditioned upon the proper application of such money,' and the cost of each such surety bond may constitute an Operation and Maintenance Expense, (p) The District will not extend or assent to the extension of time for paying any claim for interest. Any installment of interest so extended shall not be entitled in an event of default under the Series 1993 Bond Resolution to the benefit or security of the Series 1993 Bond Resolution, except upon the prior payment in full of the principal of all the Bonds and interest which has not been extended, (q) The District or any officers, agents or employees ofthe District shall not take any action that will prejudice the security for the payment of the Bonds and the 'interest thereon according to the tenns of the Series 1993 Bond Resolution. (r) No contract will be entered into, nor will any actiori be taken, by !he District by which the rights and privileges of any Bond owner are impaired or diminished. Additional Obligations Secured by the Net Revenues PariJy Bonds. The Series 1993 Bond Resolution authorizes the District to issue Parity Bonds upon satisfaction of the fOllowing conditions: (i) At the time of the adoption of the resolution or other enactment authorizing the issuance of the Parity Bonds, the District shall not be in default as to any payments or accumulations required by the Series 1993 Bond Resolution; (ii) The amount of Net Revenues and General Tax proceeds collected in the Fiscal (calendar) Year immediately preceding the date of issuance of the proposed Parity Bonds shall have been sufficient to pay an amount equal to the greater of: (A) 110% of the combined maximum annual principal and interest requirements of the Bonds, the Series 1987 A Bond and any Parity Bonds then outstanding, plus the' Parity Bonds proposed to be issued; and (B) IIO% of the average of the combined principal and interest requirements for each Fiscal Year (to and including the Fiscal Year in which occurs the filial maturity of the Bonds) of the Bonds, the Series 1987A Bond and any Parity Bonds then outstanding, plus the Parity Bonds proposed to be issued (excluding .