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<br />18 <br />NG-U9ZQVMF2/4912-7822-6452v4/200676-0008 <br />making necessary provision for the required payments into the Bond Redemption Subaccount. <br />Except for withdrawals described above, the money in the Common Reserve Subaccount (and in any <br />other reserve subaccount that may be established) otherwise shall be held intact and may be applied <br />against the last outstanding Parity Bonds. However, if at any time the Common Reserve Subaccount <br />(or any subaccount) is fully funded, money in excess of the applicable Reserve Requirement shall be <br />withdrawn and deposited, first, in any other subaccount having a deficiency in its Reserve <br />Requirement, and second, at the option of the Finance Director, either in the Bond Redemption <br />Subaccount and spent for the purpose of retiring Parity Bonds, or in into the Water & Sewer System <br />Revenue Fund and spent for other lawful system purposes. <br />(d) Investment of Money Deposited in Revenue Bond Fund. All money in the Revenue <br />Bond Fund may be kept in cash or shall be invested in Permitted Investments maturing not later than <br />the date when needed (for investments in the Bond Redemption Subaccount) or the last maturity of <br />any outstanding Parity Bonds (for investments in the Common Reserve Subaccount or other reserve <br />subaccount). Income from investments in the Bond Redemption Subaccount shall be retained in and <br />used for the purposes of that subaccount. Income from investments in the Common Reserve <br />Subaccount (or other reserve subaccount) shall be retained in and used for the purposes of that <br />subaccount until the amount therein is equal to the applicable Reserve Requirement, and thereafter <br />shall be deposited in the Bond Redemption Subaccount or used for other Water & Sewer System <br />purposes. <br />(e) Action to Compel Payments. The City may transfer any money from any funds or <br />accounts of the System legally available therefor, except bond redemption funds, refunding escrow <br />funds, or defeasance funds, to meet the required payments to be made into the Revenue Bond Fund. <br />If the City fails to set aside and pay into the Revenue Bond Fund the amounts set forth above, the <br />owner of any of the outstanding Parity Bonds may bring action against the City and compel the <br />setting aside and payment, consistent with the rights and remedies set forth in Section 22 of this <br />ordinance. <br />Section 14. Water & Sewer System Revenue Fund; Flow of Funds. <br />(a) Revenue Fund. The Water & Sewer System Revenue Fund has previously been <br />established as a special fund of the City into which shall be deposited the Gross Revenue as <br />collected, except the interest earned and income derived from investments of money in the Revenue <br />Bond Fund and the accounts therein. The Water & Sewer System Revenue Fund shall be held <br />separate and apart from all other funds and accounts of the City. Money in the Revenue Fund may be <br />invested by the City in any investment that is a legal investment for the City. <br />(b) Flow of Funds. So long as any Parity Bonds are outstanding, the City covenants that <br />all ULID Assessments (if any) shall be paid into the Revenue Bond Fund, and the Gross Revenue <br />shall be deposited into the Water & Sewer System Revenue Fund to be used for the following <br />purposes only in the following order of priority: <br />(1) To pay the Costs of Maintenance and Operation; <br />(2) To make when due the required payments into the Bond Redemption <br />Subaccount in respect of interest on the Parity Bonds, including reimbursements to the issuer of a <br />Credit Facility if the Credit Facility secures the payment of interest on Parity Bonds and the <br />ordinance authorizing such Parity Bonds provides for such reimbursement; <br />(3) To make when due the required payments into the Bond Redemption <br />Subaccount in respect of principal of (and premium on, if any) the Parity Bonds at maturity and on