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authorizing the issuance of the same for the creation of a Reserve Account for such future Parity <br /> Bonds and for the payment into such Reserve Account out of the Revenue of the System or <br /> Assessments (or, at the option of the City, out of any other funds on hand and legally available <br /> therefor) approximately equal additional annual installments so that by five years from the date of <br /> issuance of such future Parity Bonds there will have been paid into such Reserve Account an <br /> amount which, together with the money already on deposit therein, will be at least equal to the <br /> Reserve Account Requirement for such future Parity Bonds. Such annual payments into a <br /> Reserve Account shall be made not later than December 20 of each year. <br /> Notwithstanding anything in this Section 8 to the contrary, the City may fund the Reserve <br /> Account Requirement for any Parity Bonds through a surety bond issued by a Qualified Insurer. <br /> The amount payable by the Qualified Insurer under such surety bond shall be credited against the <br /> amounts otherwise required to be accumulated and maintained in the Reserve Account for such <br /> Parity Bonds. <br /> The City further covenants and agrees that when the required deposits have been made <br /> into any Reserve Account, it will at all times maintain therein an amount at least equal to the <br /> Reserve Account Requirement, as redetermined 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 moneys in each Reserve Account may be used to pay the <br /> principal of, premium, if any, and interest on the Parity Bonds secured thereby. Moneys 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 Reserve Account may also be withdrawn to redeem and retire, and to pay the premium, if any, 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 moneys remaining on deposit in such Reserve Account are at <br /> least equal to the Reserve Account Requirement determined with respect to such Parity Bonds <br /> then outstanding. <br /> -21- FWWOIEDOC 93/10/28 <br />