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form and manner as required by the Constitution and laws of the <br />State of Texas and Charter of said Clty, and the ordinance <br />hereinabove mentioned and that this series of revenue bonds <br />does not exceed any constitutional or statutory limitations; <br />and that provision has been made for the payment of the <br />principal of and interest on this bond and the series of which <br />it is a part by irrevocably pledging to the payment thereof the <br />net revenues of the City's Waterworks and Sewer System. Such . <br />pledge, however, is junior and subordinate to the pledge made <br />for the security of the outstanding City of Paris Waterworks <br />and Sewer Improvement and Extension Revenue Bonds, Series 1952; <br />City of Paris Waterworks and Sewer Revenue Refunding Bonds, <br />Series 1957; City of Paris Waterworks and Sewer Revenue Refundin, <br />Bonds, Series 1957-A; and City of Paris Waterworks and Sewer <br />System Revenue Bonds, Series 1962, or any bonds issued to refund <br />them, and to the provisions of the ordinance authorizing the <br />respective Series oi band,s with reference to the accumulation <br />and maintenance of the Revenue Fund and Reserve Fund for said <br />bonds. <br />The City reserves the right to issue additional <br />first lien revenue bonds and additional junior lien revenue <br />bonds for waterworks and sewer improvements and extensions, <br />under the conditions stated in the Ordinance authorizing this <br />series of bonds, said bonds being payable from the Net Revenues <br />of the System. <br />The holder hereof shall never have the right to <br />demand payment of this obligation out of any funds raised or <br />to be raised by taxation. <br />