Laserfiche WebLink
Reserve Account Requirement determined with respect to such <br /> Parity Bonds- Olen outstanding. <br /> In the event there shall be a deficiency in the Debt Service <br /> Account to meet maturing installments of either interest on or <br /> principal of and interest on the Parity Bonds of any issue, or a <br /> deficiency in any Sinking Fund Account to meet the required <br /> schedule of payments for amortization of Term Bonds of any issue <br /> of Parity Bonds, such deficiency shall be made up from the <br /> Reserve Account for such Parity Bonds by the withdrawal of moneys <br /> therefrom. Any deficiency created in such Reserve Account by <br /> reason of any such withdrawal shall then be made up out of <br /> Revenue of the System or Assessments after making necessary <br /> provision for the payments required to be made by subparagraphs <br /> First through Fifth, inclusive, of Section 8 of this ordinance. <br /> Notwithstanding anything in Section 9 .E hereof to the <br /> contrary, moneys in the 1992 Reserve Account may be used to pay <br /> the Arbitrage Earnings Amount, if any, to the extent the <br /> Arbitrage Earnings Amount is attributable to earnings on moneys <br /> in the 1992 Reserve Account . <br /> Notwithstanding anything in this Section 9 to the contrary, <br /> the City shall not be obligated to accumulate and maintain in the <br /> Reserve Account for any Parity Bond issue an amount at least <br /> equal to the Reserve Account Requirement for such Parity Bonds if <br /> the timely payment of the principal of and interest on such <br /> Parity Bonds shall be guaranteed by an unconditional and <br /> 35 Fww003.DOC svosm <br />