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<br />o,..lLJ" u. '~VLV nn.L-.... '" . ....... nUIII' , U u, , u."tUt1.1n, LV nlf\ ('( 1 ru\. t1.Ulll~ <br /> <br />vU0 UUU vuuU.~LU <br /> <br />. <br /> <br />Series 1987A Bond and such Parity Bonds regardless of the fact thaI they may be acmally <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 exceptions: <br /> <br />(i) If the Board shall fmd it desirable 10 refund the Bonds, the Series 1987 A <br />Bond or any Parity Bonds, or any portion thereof, the Board may issue bonds or other <br />obligations 10 refund the same (but only with the consent of the owner or owners thereof, <br />unless at the time or times of their required surrender for payment they 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 (Hi) hereof, any bonds or other <br />obligations so issued to refund all or any portion of the Bonds, the Series 1987 A Bond <br />or any Parity Bonds as pennitted 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 />I <br /> <br />(iii) Any such Parity Bonds as described in paragraph (ii) hereof shall be issued <br />in compliance with the. requirements applicable to the issuance of Parity Bonds as <br />provided above; provided however, that 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 Bonds to be <br />outstanding following the issuance of the refunding bonds. <br /> <br />(iv) Any such Parity Bonds shall enjoy complete equality of lien with the <br />outstanding Bonds, the Series 1987 A 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 the part of the outstanding Bonds, the Series 1987 A <br />Bond and any Parity Bonds refunded thereby. <br /> <br />Nothing in the Series 1993 Bond Resolution shall be construed to prohibit at any <br />time the refunding of any outstanding Bonds, the Series 1987A Bond or any Parity <br />Bonds, or any portion thereof. by the issuance of refunding Obligations which constimte <br />Subordinate Bonds. <br /> <br />Subonnnate BOllds Permitted. Nothing in the Series 1993 Bond Resolution, except as <br />therein otherwise specifically stated, shall be construed so as to prevent the District from issuing <br />Subordinate Bonds. <br /> <br />Superior Lien Bonds Prohibited. Nothing in the Series 1993 Bond Resolution shall be <br />construed so as to pennit the District to issue securities or other obJigatiollS payable from the <br />Net Revenues and having a lien thereon prior and superior to the Bonds. <br /> <br />. <br /> <br />21 <br /> <br /> <br />R <br /> <br />:.~ <br /> <br />i ~ <br /> <br />.r <br /> <br />" <br />::~ <br />:'( <br />