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(3) Maintenance of Common Reserve Requirement. The City <br /> further covenants and agrees that when the required deposits have been made into the common <br /> Reserve Account (and any other Reserve Account then existing), it will at all times maintain <br /> therein an amount at least equal to the Common Reserve Requirement, as predetermined in each <br /> calendar year. Whenever there is a sufficient amount in the Revenue Bond Fund, including all <br /> accounts therein, to pay the principal of, premium, if any, and interest on all outstanding Parity <br /> Bonds, the money in the common Reserve Account may be used to pay the principal of, <br /> premium, if any, and interest on the Parity Bonds secured thereby. Money in the common <br /> Reserve Account may also be withdrawn to redeem and retire, and to pay the premium, if any, <br /> and interest due to such date of redemption, on the outstanding Parity Bonds, as long as the <br /> money remaining on deposit in the common Reserve Account (and any other Reserve Account <br /> then existing) is at least equal to the Common Reserve Requirement determined with respect to <br /> the Parity Bonds then outstanding. <br /> In the event there shall be a deficiency in the Debt Service Account to meet maturing <br /> installments of either interest on or principal of and interest on any Parity Bonds, or a deficiency <br /> in any Sinking Fund Account to meet the required schedule of payments for amortization of <br /> Term Bonds of any issue of Parity Bonds, such deficiency shall be made up from the common <br /> Reserve Account (or any other Reserve Account then existing) by the withdrawal of money <br /> therefrom. Cash and investments shall be drawn upon prior to any drawing upon a surety bond. <br /> Any deficiency created in the common Reserve Account (or any other Reserve Account then <br /> existing) by reason of any such withdrawal shall then be made up out of Revenue of the System <br /> or Assessments after making necessary provision for the payments required to be made by <br /> subparagraphs First through Fifth, inclusive, of Section 7 of this ordinance. <br /> -23- P\CMW\CMW5BE 02/05/21 <br />