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. <br /> • becoming arbitrage bonds under Section 148 of the Internal <br /> Revenue Code of 1986 and regulations thereunder. <br /> SECTION 6 . PRIOR AND PARITY LIEN. <br /> 6 . 01. The Bonds and any additional obligations, to <br /> the extent authorized by this Section 6, shall be equally and <br /> ratably secured by a first lien on and pledge of the net <br /> revenues of the Water and Sewer System, without regard to Bond <br /> series, serial numbers, or'der of execution or otherwise. <br /> 6 . 02 . The City shall have the right to issue <br /> additional obligations to be secured by a parity lien on and <br /> ratably payable from the net revenues of the Water and Sewer <br /> System for the purpose of providing money for improvements or <br /> extensions to the Water and Sewer System of the City. <br /> 6 • 03 . Without regard to the limitations provided by <br /> paragraph 6 . 02 the City may issue bonds payable from the net <br /> revenues of the Water and Sewer System: <br /> (a) for the purpose of refunding the principal of all <br /> Bonds outstanding; or <br /> • (b) for the purpose of refunding the principal of and <br /> interest on outstanding Bonds not paid when due <br /> for lack of available net revenues . <br /> SECTION 7 . FURTHER COVENANTS. So long as any of the • <br /> Bonds are outstanding, the City covenants with and for the <br /> benefit of each Bond holder that : <br /> 7 . 01. The City will establish, maintain and collect <br /> su�h charges of the nature authorized by Section 444 . 075, <br /> Minnesota Statutes, at the times and in the amounts necessary <br /> so that the net revenues of the Water and Sewer System will be <br /> sufficient to make the required payments into the Water and <br /> Sewer Bond Account . � <br /> 7. 02 . The City will continue to own, operate and <br /> maintain the Water and Sewer System of the City as a <br /> . revenue-producing utility free from all liens on the property <br /> � thereof and income therefrom other than the liens herein <br /> described or provided. <br /> 7 . 03 . The City will use its best efforts to comply _ <br /> with all applicable laws and regulations of the United States <br /> of America and the State of Minnesota and each department and <br /> agency thereof, including laws and regulations relating to <br /> public health and water and sewer quality. The City will <br /> � continue to use and operate the System to the extent such use <br /> and operation is not prohibited by court order or regulation, <br /> -14- <br />