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• <br /> Reserve Account Requirement, as predetermined in each calendar year with respect to the Parity <br /> Bonds secured by such Reserve Account. Whenever there is a sufficient amount in the Revenue <br /> Bond Fund, including all accounts therein, to pay the principal of, premium, if any, and interest on <br /> all outstanding Parity Bonds, the money in each Reserve Account may be used to pay the <br /> principal of, premium, if any, and interest on the Parity Bonds secured thereby. Money in a <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 Reserve Account may also be withdrawn to redeem and retire, and to pay the premium, if any, 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 secured by such <br /> Reserve Account, as long as the money remaining on deposit in such Reserve Account are at least <br /> equal to the Reserve Account Requirement determined with respect to such Parity Bonds then <br /> 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 the Parity Bonds of any issue, or a <br /> deficiency in any Sinking Fund Account to meet the required schedule of payments for <br /> amortization of Term Bonds of any issue of Parity Bonds, such deficiency shall be made up from <br /> the Reserve Account for such Parity Bonds by the withdrawal of money therefrom. Any <br /> deficiency created in such Reserve Account by reason of any such withdrawal shall then be made <br /> up out of Revenue of the System or Assessments after making necessary provision for the <br /> payments required to be made by subparagraphs First through Fifth, inclusive, of Section 7 of this <br /> ordinance. <br /> (2) Provisions Applicable after 1988 Bonds, 1992 Bonds, 1992 State <br /> Bond and 1993 Bonds are no longer Outstanding. From and after such time as the 1988 Bonds, <br /> the 1992 Bonds, the 1992 State Bond and the 1993 Bonds are no longer outstanding under the <br /> ordinances authorizing their issuance, a special account to be known as the "City of Everett Water <br /> and Sewer Revenue Bond Reserve Account" (the "Reserve Account") shall be created in the <br /> Revenue Bond Fund for the purpose of securing the payment of the principal of and interest on <br /> the Bonds and any future Parity Bonds. All funds then on deposit in the 1988 Reserve Account, <br /> the 1992 Reserve Account, the 1993 Reserve Account and the 1997 Reserve Account shall be <br /> -19- FWWOBU.DOC 97/03/04 <br />