Ordinance 2607-02 - Laserfiche WebLink

any, and interest due to such date of redemption, on the outstanding Parity Bonds secured by such Reserve Account, as long as the money remaining on deposit in such Reserve Account is at least equal to the Reserve Account Requirement determined with respect to such Parity Bonds then outstanding. In the event there shall be a deficiency in the Debt Service Account to meet maturing installments of either interest on or principal of and interest on the Parity Bonds of any issue, or a deficiency in any Sinking Fund Account to meet the required schedule of payments for amortization of Term Bonds of any issue of Parity Bonds, such deficiency shall be made up from the Reserve Account securing such Parity Bonds by the withdrawal of money therefrom. Cash and investments shall be drawn upon prior to any drawing upon a surety bond. Any deficiency created in such Reserve Account by reason of any such withdrawal shall then be made up out of Revenue of the System or Assessments after making necessary provision for the payments required to be made by subparagraphs First through Fifth, inclusive, of Section 7 of this ordinance. (2) Provisions Applicable after 1993 Bonds are no longer Outstanding. From and after such time as the 1993 Bonds are no longer outstanding under the ordinances authorizing their issuance, all funds then on deposit in the 1993 Reserve Account and the 1997 Reserve Account shall be transferred to the common Reserve Account, and the 1993 Reserve Account and 1997 Reserve Account shall be closed. Notwithstanding anything in Section 8(e) hereof to the contrary, money in the common Reserve Account may be used to pay any arbitrage rebate, if any, to the extent the rebate is attributable to earnings on money in any Reserve Account. -22- P\CMW\CMW5BE 02/05/21