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C. Payments into Reserve Account. A special account <br /> to be known- asp the "1992 Water and Sewer Revenue Refunding Bond <br /> Reserve Account" is hereby created in the Revenue Bond Fund for <br /> the purpose of securing the payment of the principal of and <br /> interest on the 1992 Bonds . Except as hereafter provided in this <br /> subsection, the City covenants and agrees that it will set aside <br /> and pay into the 1992 Reserve Account out of the Revenue of the <br /> System or Assessments (or, at the option of the City, out of any <br /> other funds on hand and legally available therefor) approximately <br /> equal annual installments sufficient, together with other moneys <br /> in the 1992 Reserve Account and available therefor, to have on <br /> deposit therein by September 1, 1997, a total amount which will <br /> be at least equal to the Reserve Account Requirement for the 1992 <br /> Bonds . Such annual payments will be made not later than <br /> December 20 of each year. <br /> Except as hereafter provided in this subsection, the City <br /> hereby further covenants and agrees that in the event it issues <br /> any future Parity Bonds it will provide in the ordinance <br /> authorizing the issuance of the same for the creation of a <br /> Reserve Account for such future Parity Bonds and for the payment <br /> 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 <br /> funds on hand and legally available therefor) approximately equal <br /> additional annual installments so that by five years from the <br /> date of issuance of such future Parity Bonds there will have been <br /> paid into such Reserve Account an amount which, together with the <br /> 33 Fww003.DOC ssrosrzi <br />