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3 <br /> ULID Assessments deposited and such other money as is on hand and available therefor in the <br /> Revenue Bond Fund,to pay the interest or principal and interest next coming due on the Bonds. <br /> Notwithstanding anything in Section 7(d) hereof to the contrary, money in the Revenue <br /> Bond Fund may be used to pay any arbitrage rebate, if any, to the extent the rebate is attributable <br /> to earnings on money in the Revenue Bond Fund. <br /> (b) Payments into Reserve Account. The City hereby agrees that a special account to <br /> be known as the "Fund 401 —Public Works Utilities —restricted subaccount for bond reserves" <br /> (the "Reserve Account") shall be maintained for the purpose of securing the payment of the <br /> principal of and interest on all Covered Bonds. The Bonds shall be Covered Bonds, secured by <br /> the Reserve Account. The City hereby covenants that the Reserve Requirement for the Bonds <br /> will be fully funded as of the date of issuance of the Bonds. <br /> The City covenants and agrees that when the required deposits have been made into the <br /> Reserve Account, it will at all times maintain therein an amount at least equal to the Reserve <br /> Requirement except for withdrawals therefrom authorized hereinafter, at all times for so long as <br /> any Covered Bonds remain outstanding. 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 <br /> on all outstanding Parity Bonds, the money in the Reserve Account may be used to pay the <br /> principal of,premium, if any, and interest on the Parity Bonds secured thereby. Money in the <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 Reserve Account may also be withdrawn to redeem and retire, and to pay the premium, if any, 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, as long as the <br /> money remaining on deposit in the Reserve Account is at least equal to the Reserve Requirement <br /> determined with respect to the Covered Bonds then outstanding. <br /> In the event there shall be a deficiency in the Revenue Bond Fund to meet maturing <br /> installments of either interest on or principal of and interest on any Parity Bonds, such deficiency <br /> _32- P:\20287_CMWW20287_9RC 01/02/13 <br /> 39 <br />