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(n) "Fiscal year" means the year period beginning on July 1st and ending on the next following June 30th. (o) "Authorized investments" means any negotiable direct obligations of the United States, or any negotiable obligations for which the full faith and credit of the United States are pledged for the payment of principal and interest, or any obligations issued by federal land banks or federal intermediate credit banks established under the Federal Farm Loan Act, as amended, bonds or debentures of the Federal Home Loan Bank Board or of any federal home loan bank established under the Federal Home Loan Bank Act, obligations of the Federal National Mortgage Association established under the National Housing Act, as amended, and debentures and consolidated debentures issued by the Central Bank for Coopera- tives and banks for cooperatives established under the Farm Credit Act of 1933, as emended. Section 2. Equality of Bonds, Pledge of Revenues. Pursuant to the Revenue Bond Law of 1941 and this resolution, said bonds shall be equally secured by a pledge, c~harge and lien upon the gross revenues of the enterprise without priority for number, date of bonds, date of sale, date of execution, or date of delivery, and the payment of the interest on and principal of said bonds and any premiums upon the redemption of any thereof shall be and are secured by an exclusive pledge, charge and lien upon the gross revenues of the enterprise, and all of the gross revenues of the enterprise (including revenues of improvements and extensions later constructed or acquired and revenues of existing systems, plants, works or undertakings to be acquired, improved or extended or for the acquisition, improvement or extension of which said bonds are to be issued) and hereby pledged, charged and assigned for the security of said bonds, and such gross revenues shall constitute a trust fund for the security and payment of the interest on and principal of said bonds and so long as any of said bonds or interest thereon are unpaid said gross revenues and interest thereon shall not be used for any other purpose, except as permitted by this resolution and any subsequent resolution, and shall be held in trust for the benefit of the bondholders and shall be applied pursuant to this resolution, or to this resolution as modified pursuant to provisions herein, and any subsequent resolution. Nothing in this resolution or in any subsequent resolution shall preclude: (a) the redemption prior to maturity of any bonds subject to call and redemption and payment of said bonds from proceeds of refunding bonds issued under said Revenue Bond Law of 1941 as the same now exists or as hereafter amended, or under any other law of the State of California; (b) the issuance, subject to the limitations in Covenant 11 in Section 12 hereof, of additional indebtedness evidenced by revenue bonds, revenue notes or any other evidences of indebtedness payable out of the revenues of the enterprise and ranking on a parity with said bonds. Section 3. Amount, Issuance, Purpose and Nature of Bonds. That under and pursuant to said Revenue Bond Law revenue bonds of the city in the amount of $3,000,000 shall be issued for the purpose stated in the recitals hereof. Said revenue bonds shall be and are special obligations of the city and shall be and are secured by a pledge of and llen upon, and shall be and are a charge upon, and shall be and are payable as to the principal thereof and interest thereon and any premiums upon the redemption of any thereof, solely from the gross revenues of the enterprise, such gross revenues being hereby pledged, charged and assigned for the security of the bonds. Section 4. No General City Liability. The general fund of the city is not liable for the payment of the bonds or their interest, nor is the credit or taxing power of the city pledged for the payment of the bonds or their interest. The holder of the bonds or coupons shall not compel the exercise of the taxing power by the city or the forfeiture of any of its property. The principal of and interest on the bonds and any premiums upon the redemption of any thereof are not a debt of