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506242089.1 <br /> <br /> -15- <br /> <br /> Reserve Requirement means the dollar amount to be calculated with respect to all <br />Covered Bonds and separately with respect to other Parity Bonds. <br />(a) With respect to Covered Bonds, the Reserve Requirement shall be equal to the <br />least of: <br /> (1) Maximum Annual Debt Service for Covered Bonds, <br /> (2) 10% of the initial principal amount of Covered Bonds of each series, and <br /> (3) 125% of average annual debt service for Covered Bonds; provided, <br />however, that the dollar amount required to be contributed, if any, as a result of the issuance of a <br />series of Future Parity Bonds shall not be greater than the Tax Maximum. If the dollar amount <br />required to be contributed at the time of issuance of a series exceeds the Tax Maximum, then the <br />amount required to be contributed shall be equal to the Tax Maximum. <br />(b) With respect to other series of Parity Bonds, the Reserve Requirement shall be <br />equal to the amount specified in the ordinance authorizing the issuance of that series of Parity <br />Bonds. <br />The Reserve Requirement shall be adjusted accordingly and remain in effect until the earlier of <br />(i) at the City’s option, a payment of principal of Parity Bonds or (ii) the issuance of a <br />subsequent series of Future Parity Bonds (when the Reserve Requirement shall be re-calculated). <br /> Revenue Bond Fund means the “Fund 401 – Public Works-Utilities Bond Redemption <br />Subaccount” created in the office of the Finance Director-Treasurer for the sole purpose of <br />paying and securing the payment of the principal of, premium, if any, and interest on Parity <br />Bonds.