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(b) The City may substitute other improvements for those listed as Components in <br />any Supplement, but only if the City first files with the Authority and the Trustee a certificate of <br />an Authorized City Representative: <br />(i) identifying the Components to be substituted and the Components they <br />replace; <br />(ii) stating that the substituted Components will be owned by the City and <br />payable from the Water Revenue Fund; and <br />(iii) stating that with respect to Components financed with Tax - Exempt <br />Installment Payment Obligations, the estimated costs of construction, acquisition and <br />installation of the substituted improvements are not less than such costs for the <br />improvements previously planned. <br />Substituted Components may include or consist of an undivided interest in such <br />Components, in which event the costs associated with the substituted Components over and <br />above the undivided interest need not be deposited in the Acquisition Fund (or otherwise <br />appropriated and encumbered); provided that the certificate of an Authorized City Representative <br />specifies that the funds necessary to complete the substituted Components are on deposit in the <br />Acquisition Fund or otherwise appropriated and encumbered. <br />ARTICLE IV <br />INSTALLMENT PAYMENTS <br />SECTION 4.01. Purchase Price. <br />(a) The City will pay the Purchase Price for any Components being purchased as <br />provided in a Supplement. The Purchase Price to be paid by the City to the Authority pursuant to <br />any Supplement hereto, solely from Net System Revenues and from no other sources, is the sum <br />of the principal amount of the City's obligations under such Supplement plus the interest to <br />accrue on the unpaid balance of such principal amount from the effective date thereof over the <br />tern thereof, subject to prepayment as provided therein. <br />(b) The principal amount of the Installment Payments to be made by the City under a <br />Supplement shall be paid at least five days prior to the date such Installment Payments are <br />payable as specified in such Supplement or at such other earlier time or times and in the manner <br />or manners as specified in such Supplement. <br />(c) The interest to accrue on the unpaid balance of such principal amount shall be <br />paid at least five days prior to the date such interest is payable as specified in a Supplement or at <br />such other earlier time or times as specified in such Supplement, and shall be paid by the City as <br />and constitute interest paid on the principal amount of the City's obligations thereunder. Interest <br />shall be payable in an amount not exceeding the Maximum Rate, at such intervals and according <br />to such interest rate formulas as shall be specified in a Supplement or by reference to any Issuing <br />Instrument to which such Supplement relates, and shall be payable with such frequency as shall <br />be specified therein. <br />55394.00011 \8819608.3 80- 1S-32 <br />