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payments required to be made by subparagraphs First through Fifth, inclusive, of Section 9 of <br /> this ordinance. <br /> (2) Provisions Applicable after 1988 Bonds, 1992 Bonds, 1992 State <br /> Bond, 1993 Bonds and the Bond are no longer Outstanding. From and after such time as the <br /> 1988 Bonds, the 1992 Bonds, the 1992 State Bond, the 1993 Bonds and the Bond are no longer <br /> outstanding under the ordinances authorizing their issuance, a special account to be known as the <br /> "City of Everett Water and Sewer Revenue Bond Reserve Account" (the "Reserve Account") <br /> shall be created in the Revenue Bond Fund for the purpose of securing the payment of the <br /> principal of and interest on the Bonds and any future Parity Bonds. All funds then on deposit in <br /> the 1988 Reserve Account, the 1992 Reserve Account and the 1993 Reserve Account shall be <br /> transferred to the Reserve Account, and such Reserve Accounts shall be closed. <br /> Notwithstanding anything in Section 10E hereof to the contrary, money in the Reserve Account <br /> may be used to pay any arbitrage rebate, if any, to the extent the rebate is attributable to earnings <br /> on money in the Reserve Account. <br /> Except as hereafter provided in this subsection C(2), the City hereby further covenants <br /> and agrees that in the event it issues any future Parity Bonds it will provide in the ordinance <br /> authorizing the issuance of the same for payment into the Reserve Account out of proceeds of <br /> such future Parity Bonds, Revenue of the System or Assessments (or, at the option of the City, <br /> out of any other funds on hand and legally available therefor) approximately equal additional <br /> annual installments so that by five years from the date of issuance of such future Parity Bonds <br /> there will have been paid into the Reserve Account an amount that, together with the money <br /> already on deposit therein, will be at least equal to the Common Reserve Requirement. Such <br /> annual payments into a Reserve Account shall be made not later than December 20 of each year. <br /> Notwithstanding anything in this Section 10 to the contrary, the City may fund the <br /> Common Reserve Requirement through a surety bond issued by a Qualified Insurer. The amount <br /> -22- DOTOQ5 DOC 98/04/28 <br />