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_2_ be paya.bl,e as to principal and interest from, a.nd conatitute a first charge aga.ins:t, the earnirxgs of the Sewerage Syatem of the City of North Olmeted, CZhio, after provisian only far reasanable and neceaaary expeases, of operation,s and mainten- ?. axice. 4. Frior to delivery of said bonds to ua, the City of North Olm:sted ohall ha.ve c ovenaated under larrw to adopt arncl maintain a s.cheeixi le of rates and.charges for sewer service???°?'??- which sharll provide revenues from tlie System to produee I ? _ ?4Gt'f !•"Y-- ?^C net earnings sufficient to annually meet all debt service and reservc requirements and ta comply with xll covenanta of the In:dentu.re of Moxtgage. The Ci#y Bhall hava further covexra:n'ted thact nn additizma:l eyual Uen Sewer Revenue Bond.s, whi.ch wiJ.l mature or are redeemahle pxior to those date€a for the bonds described hexeisz aha11 be iasued. In addititm, no eq,ual aiesY Sewer Revenus Bonda a:hall be issued ustleas the net earniags of as'sd System, for the 24 ccrosecutive mvnths grior to the issu.au+cE flf said additianal Sewex Revenue Bcmds, adjueted ta reflect any ra#e chamges n-tade during such peric:d and certified by an independent Consulting Engineer, shall hsve been equa1 to one and cme half (1.5) times the cambised maucimum amual p'rincipal arnd interest requirementa of all outatanding bonds plus the new bonds then propused to be issued. 5. The City ab,all supply us with 15 copiea of the engineering report af F].vyd G. Browne and Assc=ciates, Marion, 4hio, which repurt, if dsemed neceasary by us, shall be brought up•to••date, and it ahall cmtain the xeguired data as tv eetab.lish the ecanamic faasibi].9.ty of the project and its ability tn devalop eaxninga aciequate to meet the above rnentioned re•• quirementa. Said repoxt shall bs in such form and coatext as is satisfactory tD rzs for n-,arketing af thia isaue af banda. 6. At tb.e time of delivgry of the hcmds, the City okaU furnish ua -wiith ac.ertified transcript of a11 documents and legal pzo» ceedinge requisite to their issuaace and delivery, includiisg a s:tatement that no Utiga.ticm is pending or threataned, affectiag the issuance or validity of the bonds herein de ac ribed. 7. The Citg hexeby agrees to pay all e.oafis of printing the bonds, the fees mf Messra. Squire, Samders & Ifempsey for rendering their final unqv.zlifisd approv-ing legal opinian, as w+e,11 as any ?'' • expeusea incurred fer deUvery thi:a issue af bonds to u.s in New York, New York, or Chicago, Illinois.