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Cove­nants with bond holder# Bates & Charges loosed dovera- lug body to fix rates Befilad­ing bond# authoris­ed Sights of bond holder# (Senate Bill Bo, 167 - Senator Balter - Continued) eueh reserve for contingencies as say be provided in such resolution. Moneys in the sinking fund shell be applied to the payment of interest ©n and principal of the bond# or to the purchase or retirement of the bonds prior to maturity In such maimer as nay be provided in eald resolution. The resolution authorising such bonds nay contain such cove­nants with the future holder or holders of the bond# as to the management and operation of the works or properties* the Imposition and collection of rates and charges for the prod­uct# or services furnished thereby, the disposition of such rates and revenues* the issuance of future bonds and the cre­ation of future liens and encumbrances against eald works or properties and the revenues thereof* the carrying of insurance on the properties constituting such works* the disposition of the proceeds of any such insurance* and ether pertinent natters as may be deemed necessary by the governing body to assure the marketability of suoh bends; provided* such covenants are not Inconsistent with the provisions of this act. When any district shall issue bonds hereunder and shall have pledged the revenues of any works or properties for the pay­ment thereof as'herein provided, such district shall impose and collect rate# and chargee for the products and services furnished by such works or properties in such amount# and at such rate# as shall be fully sufficient at all times to pay the expense# of operating and maintaining such works or propertie#* provide a sinking fund sufficient to assure the prompt payment of principal of and interest on the bond# a# each falls due, provide# such reasonable fund for contin­gencies as may be required by the resolution authorising bonds and provide an adequate depreciation fund for such repairs* extensions and improvements to the works or prop­erties as may be necessary to assure adequate and efficient servlee to the public. Bo board or commission other than the 'I governing body of the district shall have authority to fix or / supervise the making of such rates and charges. The govern- J ing body of any district which shall have Issued bonds pay­able from revenues under the provisions of this law may authorise the issuance of bonds for the purpose of refunding such outstanding bonds. Such refunding bonds may either be sold and the proceeds applied' to the retirement of the outstanding bonds, or may be delivered in exchange for the outstanding bonds. The refunding bond# shall be authorised in all respects as original bonds are herein required to be authorised* and the governing body in authorising the refund­ing bonds shall provide for the security of suoh bond# and the source from which bonds are to be paid and for the rights of the holders thereof in *11 respects as herein author­ised to be provided for other bonds/IlsSl^uH^^'l^t^lFIty of this act. The governing body may also provide that the refunding bonds shall have the same priority of lien on the revenues pledged for their payment as was enjoyed by the bonds refunded. Sec. 17. That in addition to all oth*r remedies, any holder of a bond of the district incorporated under thie act* Includ­ing a trustee for bond holders* shall have the right, subject to any contractual limitations binding upon such bond hold­ers or trustee* and subject to the prior or superior rights of