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(c) Application of Funds,. All of the gross reve- <br />nues of the Project, including all sums i of of <br />funds provided for herein for the payment <br />upon the date of the happening of any event of dea shali n b e <br />all sums thereafter received by the City hereunder <br />applied by it in the order following upon presentation of <br />the several bonds and coupons, and the stamping thereon <br />of the payment if only partially paid, or upon the surren- <br />der thereof if fully paid, in the following order: <br />(1) Costs and Expenses. To the payment of <br />the costs and expenses of the bondhollders de- <br />claring such event of default, including <br />compensation to their agents, attorneys and counsel, <br />and to the payment of the costs and expenses of <br />this <br />City Council in carrying out the provisions <br />section, including reasonable compensation to its <br />agents, attorneys and counsel; <br />(2) Interest on Undue Bonds. In case the <br />principal of the bonds shall not have become due <br />and shall not then be due and payable, to the pay- <br />ment of the interest in default in the order of <br />the maturity of the installments of such interest, <br />with interest on the overdue installments at the <br />same rate such payments to be made ratably to the <br />persons entitled thereto without discrimination or <br />preference; <br />(3) Principal and Interest on Due Bonds . <br />In case the principal of the bonds shall have <br />become and shall be then due and payable, to the <br />payment of the whole amount then owing and unpaid <br />upon the bonds for principal and interest, with <br />interest on the overdue principal and installments of <br />interest at the same rate; <br />(4) Insufficient Funds, In case such moneys <br />shall be insufficient to pay in full the whole <br />amount so owing and unpaid upon the bonds, then to the <br />payment of such principal and interest without pre- <br />ference or priority of principal over interest, or <br />of interest over principal, or of any installment of <br />interest over any other installment of interest, <br />ratably to the aggregate of such principal and <br />interest then due. <br />(d) Refunding Defaulted Bonds,. The City may, with <br />the consent of the holder thereof, refund any defaulted <br />bonds by the issuance of a new bond maturing after the <br />maturity of the "Last bond issued hereunder, but otherwise <br />on a parity as to payment of interest with the bonds <br />-22- <br />