Bonds Secured by Pledge of Net Revenues Sample Clauses

Bonds Secured by Pledge of Net Revenues. Lien Positions with Respect to Bonds. The payment of the debt service of the Series 2020 A Bonds shall be secured forthwith equally and ratably with each other by a first lien on the Net Revenues derived from the System on a parity with the lien on such Net Revenues in favor of the Holders of the Prior Bonds. Such Net Revenues in an amount sufficient to pay the principal of and interest, if any, on and other payments for the Series 2020 A Bonds and the Prior Bonds and to make all other payments provided for in this Bond Legislation and the Prior Resolutions, are hereby irrevocably pledged to such payments as they become due.