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. ti. . , C~ • outstanding bonds payable from the Sinking and Interest Account, if any there be. The refunding bonds shall continue to have whatever priority of lien over subsequent issues that the refunded bonds may have had. If only a portion of the out- standing bonds shall be so refunded and if such bonds shall be refunded in such manner that the interest rate of any refunding bond shall be greater. than the interest rate of the corresponding refunded bond,. or that the maturity date of any refunding bond shall be earlier than the maturity date of the corresponding refunded bond, then such bonds may not be refunded without the consent of the holders of the unrefunded portion of the bonds issued hereunder and any other outstanding bonds .payable from the. Sinking and Interest Account. 10. The Village may authorize the issuance of addi- tional municipal building revenue bonds or other obligations payable from the net revenues of the liquor dispensary and on a parity as to lien upon the earnings of such dispensary with the bonds authorized to be issued hereunder, if, but only if, the net revenues derived from the ownership and operation of said dispensary for the three completed fiscal years immedi- ately preceding the date of such additional issue shall have averaged an amount equal to at least ono and one-quarter times the average annual interest and principal requirements of the bonds then outstanding and such additional bonds during the then remaining life of the bonds then outstanding. 11. The Village hereby certifies and represents to, and covenants and agrees with, the purchaser and holders from time to time of .each bond. issued hereunder as follows: • 11.1. As long as any of said bonds are outstanding the Village will continue its ownership and operation of said dispensary as a revenue producing utility and convenience, in the manner authorized and subject to the restrictions imposed by the Statutes or Laws of the State of Minnesota, including Section 340.20, Minnesota Statutes, relating to elections on the licensing of intoxicating liquors, and will not authorize the establishment or operation of any other dispensary within the Village for the off-sale of intoxicating liquors at retail, and the Village will maintain the dispensary build- . ing, furnishings, equipment and merchandise in good condition, and free from all liens, provided that purchase money liens may be created on merchandise acquired for resale, or such merchandise may be acquired subject to liens existing at the time of acquisition. 11.2. If any properties constituting capital assets of the dispensary shall be sold and disposed of, it shall be only at their fair market value, and the proceeds of such sale or disposition shall be used either to produce other -13 -