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5/6/74 and/or contracts existing on the effective date of this resolution, no such service shall be rendered to the United States of America, the State of California, the City, any other municipal or public corporation or district or any private corporation or person at rates lower than those charged other persons for similar service, except that charges to the City for water used for street or sewer fiushing and for fire hydrants may be made at rates lower than those charged private persons, and all rates for service rendered to the City shall be a reasonable charge for the service rendered. No building or other real property of the enterprise shall be furnished free to the City, but the City shall pay into the Revenue Fund the reasonable rental value of any property so used, and reasonable and proper charges for service rendered or quarters furnished to the enterprise shall be paid to the City from the Revenue Fund. The City covenants that it shall at all times during the period any of the bonds are outstanding maintain and enforce valid regulations for the payment of bills for water service and that such regulations shall at all times during such period provide that the City shall discontinue water service to any user whose water bill has not been paid within the time fixed by said regulations. Covenant 9. Rates and Charges. The City shall and hereby covenants that it shall prescribe, revise and collect such charges for the services, facilities and water of the enterprise which, after making allowances for contingencies and error in the estimates, shall be at least sufficient to pay the following amounts in the order set forth: (a) The interest on and principal or minimum term bond payments of the bonds as they become due and payable; (b) All payments required for compliance with this resolution including payments required to be made into the Reserve Fund; (c) All payments required to meet any other obligations of the City which are charges, liens, encumbrances upon or payable from the revenues of the enterprise; (d) All current expenses for the necessary and reasonable maintenance and operation costs of the enterprise; and the charges shall be so fixed that the net revenues shall be at least 1.25 times the amounts payable under (a). Covenant 10. No Priority for Additional Bonds. The City covenants that no additional bonds shall be issued pursuant to said Revenue Bond Law or any other law of the State of California having any priority in payment of principal or interest out of the revenues of the enterprise over the bonds hereby authorized to be issued and payable out of said revenues. Covenant 11. Limits on Additional Debt. The City covenants that, except for bonds issued to refund said bonds, no additional indebtedness evidenced by revenue bonds, revenue notes or any other evidences of indebtedness payable out of the Revenue Fund and ranking on a parity with these bonds shall be created or incurred unless: First: The principal of and interest on the bonds have been paid as the same have become due; and that payments into the Interest Fund, Retirement Fund and the Reserve Fund have been made, all in conformity with this resolution, and Second: The last maturity date of any parity bonds shall not be earlier than the last maturity date of any bonds then outstanding and that any parity bonds shall mature on July 1, and Third: The net revenues of the enterprise, calculated on sound accounting principles, as shown by the financial report of the Director of Finance for the latest fiscal year or by a special financial report for the last completed 12 month period ended 60 days prior to the adoption of the resolution of issuance for such additional indebtedness, plus, at the option of the City, either or all 12