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pay any arbitrage rebate, if any, to the extent the rebate is attributable to earnings on money in <br /> the 1998 Debt Service Subaccount. <br /> B. Sinking Fund Accounts. The City covenants and agrees that in the event it <br /> issues any future Parity Bonds that are Term Bonds, it will provide in each ordinance authorizing <br /> the issuance of the same for the creation of a Sinking Fund Account and for regular monthly <br /> payments to be made from the Revenue Fund into such Sinking Fund Account sufficient, <br /> together with Assessment Income deposited and such other money as is on hand and available <br /> therefor in such account, to amortize the principal of such future Parity Bonds that are Term <br /> Bonds on or before the maturity date thereof or to purchase "Government Obligations," as such <br /> obligations are now or hereafter defined in Chapter 39.53 RCW, as amended, or its successor <br /> statute, if any, sufficient to accomplish such amortization. <br /> C. Payments into Reserve Account. <br /> (1) Provisions Applicable While 1988 Bonds, 1992 Bonds, 1992 State <br /> Bond and 1993 Bonds Remain Outstanding. As provided in its offer to purchase the Bond, the <br /> Bank has expressly waived the requirement of a Reserve Account for the Bond. Therefore, no <br /> Reserve Account is being created to secure the payment of the principal of and interest on the <br /> Bond. <br /> Except as hereafter provided in this subsection C(1) and in subsection C(2) hereof, the <br /> City hereby further covenants and agrees that in the event it issues any future Parity Bonds it will <br /> provide in the ordinance authorizing the issuance of the same for the creation of a Reserve <br /> Account for such future Parity Bonds and for the payment into such Reserve Account out of the <br /> Revenue of the System or Assessments (or, at the option of the City, out of any other funds on <br /> hand and legally available therefor) approximately equal additional annual installments so that <br /> by five years from the date of issuance of such future Parity Bonds there will have been paid into <br /> such Reserve Account an amount which,together with the money already on deposit therein, will <br /> _20_ DOTOQ5 DOC 98/04/28 <br />