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3 <br /> Rating Category means the generic rating categories of the Rating Agency, without <br /> regard to any refinement or gradation of such rating category, by a numerical modifier or <br /> otherwise. <br /> Refunded Bonds mean the 2003 Bonds and the 2005 Refunded Bonds. <br /> Registered Owner means the person in whose name the Bond is registered on the Bond <br /> Register. For so long as the Bonds are held in book-entry only form, DTC shall be deemed to be <br /> the sole Registered Owner. <br /> Registrar means the fiscal agency of the State of Washington for the purposes of <br /> registering and authenticating the Bonds, maintaining the Bond Register, effecting transfer of <br /> ownership of the Bonds, and paying the principal of,premium, if any, and interest on the Bonds. <br /> Reserve Account means common Reserve Account maintained pursuant to Section 7(b) <br /> of this ordinance. <br /> Reserve Requirement means the dollar amount to be calculated with respect to all <br /> Covered Bonds and separately with respect to other Parity Bonds. <br /> (a) With respect to Covered Bonds, the Reserve Requirement shall be equal to the <br /> least of: <br /> (1) Maximum Annual Debt Service for Covered Bonds, <br /> (2) 10% of the initial principal amount of Covered Bonds of each series, and <br /> (3) 125% of average annual debt service for Covered Bonds; provided, <br /> however, that the dollar amount required to be contributed, if any, as a result of the issuance of a <br /> series of Future Parity Bonds shall not be greater than the Tax Maximum. If the dollar amount <br /> required to be contributed at the time of issuance of a series exceeds the Tax Maximum, then the <br /> amount required to be contributed shall be equal to the Tax Maximum. <br /> -1 P:120287_CMW120287_9RC 01/02/13 <br />