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(c) That no free service of the System shall be <br />allowed, and should the City or any of its agencies or instru- <br />mentalities make use of the services and facilities of the <br />System, payment of the reasonable value thereof shall be made <br />by the City out of funds from sources other than the revenues <br />and income of the System. <br />(d) That to the ex.tent it legally may, the City <br />further covenants and agrees that while any of the Bonds, the <br />First Lien Bonds or Additional Bonds are outstanding, no franchis <br />shall be granted for the installation or operation of any <br />~I <br />~ competing water and sewer system; that the City will prohibit <br />; <br />~ <br />i' <br />, the operation of any such competing system; and the operation <br />; <br />of any such competing system is hereby prohibited. <br />(e) The City further covenants that so long as the <br />Texas Water Development Board is the holder of any of the <br />Bonds, it will not refund less than all of the borids payable <br />from net revenues of the System, unless such refunding is <br />approved by the Texas Water Development Board. <br />26. BOND PROCEEDS. <br />Upon delivery of and payment <br />for the Bonds, the amount received as accrued interest shall be <br />deposited in the Junior Lien Interest and Sinking Fund hereto- <br />fore created and the remainder of the proceeds shall be placed <br />in the Construction Fund hereinafter established. <br />27. CONSTRUCTION FUND. There is hereby created and <br />established in the City's official depository bank a fund to <br />be called "City of Paris Waterworks Construction Fund." The <br />Construction Fund shall be subject to and charged with a lien <br />in favor of the holders of the Bonds until the money in said <br />fund is paid out or transferred as herein provided. The deposi- <br />tory bank shall secure the Construction Fund in its possession <br />