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(b) The City reserves the right to issue additional <br />parity revenue bonds to be voted hereafter, which when issued <br />and ddlivered shall be payable from and secured by a lien on and <br />pledge of the Net Revenues of the System in the same manner and <br />to the same extent as the First Lien Bonds; and such bonds and <br />the First Lien Bonds shall in all respects be on a parity and <br />of equal dignity. Provided, no bonds permitted by this sub- <br />section to be issued shall be issued until the following <br />conditions have been met: <br />(1) The City has complied with the require- <br />ments for the issuance of Additional Bonds contained <br />in the Ordinance dated December 13, 1951, authorizing <br />the City of Paris Waterworks and Sewer Improvement <br />and Extension Revenue Bonds, Series 1952; and <br />(2) The Nlayor and City Clerk have executed <br />a certificate that the City is not in default of any <br />covenant contained in any Ordinance authorizing any <br />outstanding bonds of the City payable from the Net <br />Revenues; and <br />(3) A Certified Public Accountant executes <br />a certificate that the Net Revenues of the System for <br />the last completed fiscal year, or for any twelve <br />month period ending not more than ninety days before <br />the date of the ordinance authorizing such bonds <br />permitted by this sub-section, were equal to at least <br />1-1/2 times the average annual principal and interest <br />requirements for all then outstanding bonds of the City <br />which are payable from the Net Revenues and the series <br />of bonds permitted by this sub-section then proposed <br />to be issued. <br />(4) The issuance has been approved by the Texas <br />Water Development Board. Provided, this requirement <br />shall not apply unless said Board is the holder of <br />