88-033 ORD CERTIFICATE FOR ORDINANCE

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adequate service to said Issuer and the inhabitants thereof, or such as might be necessary to meet some physical accident or condition which would otherwise impair the Bonds or Addi- tional Parity Revenue Bonds, shall be deducted in determin- ing "Net Revenuesn. Depreciation and amortization shall not be considered as an expense of operation and maintenance in determining Net Revenues. (i) The term "Pledged Revenues" shall mean the Net Revenues, plus any additional revenues, income, or other resources, including, without limitation, any grants, donations, or income received or to be received from the United States Government, or any other public or private source, whether pursuant to an agreement or otherwise, which in the future may, at the option of the Issuer, be pledged to the payment of the Bonds or Additional Bonds. (j) The term "year" or "fiscal year" shall mean the fiscal year used by the Issuer in connection with the opera- tion of the System. (k) The term "Government Obligations" shall mean direct obligations of the United States of America, includ- ing obligations the principal of and interest on which are unconditionally guaranteed by the United States of America, which may be United States Treasury obligations such as its State and Local Government Series, which may be in book- entry form. Section 8. PLEDGE. (a) That the City of Paris, Texas Waterworks and Sewer System Prior Lien Revenue Bonds, Series 1988 are Prior Lien Additional Bonds issued pursuant to Sections 23 and 24 of the Ordinance authorizing the Outstanding Refunding Bonds; and Sections 8 through 26 of this Bond Ordinance substantially restates and are supple- mented to and cumulative of Section 8 through 26 of the Ordinance authorizing the Refunding Bonds so that Sections 8 throuqh 26 of this Bond Ordinance will be applicable to all of the Bonds and all future Prior Lien Bonds and Additional Prior Lien Bonds (as provided in Sections 23 and 24 hereof). (b) That the Prior Lien Bonds and any Prior Lien Additional Parity Revenue Bonds (as defined in Section 23 hereof), are and shall be secured by and payable from an irrevocable lien on and pledge of the Pledged Revenues, which lien and pledge is superior to the lien and pledge securing the Issuer's outstanding City of Paris Waterworks and Sewer System Revenue Refunding Bonds, Series 1983, and any Additional Bonds on parity thereto, and the Pledged Revenues are further pledged irrevocably to the establish- ment and maintenance of the Funds created by this Ordinance, and any Funds created by any ordinance authorizing the issuance of any Prior Lien Additional Bonds or any 24