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3 <br /> shall be made up from the Reserve Account by the withdrawal of money therefrom. Cash and <br /> investments shall be drawn upon prior to any drawing upon a surety bond. Any deficiency <br /> created in the Reserve Account by reason of any such withdrawal shall then be made up out of <br /> Revenue of the System or ULID Assessments after making necessary provision for the payments <br /> required to be made by subparagraphs First through Fourth, inclusive, of Section 7(b) of this <br /> ordinance. <br /> In the event the City issues any Future Parity Bonds it will provide in the ordinance <br /> authorizing the issuance of the same for payment into the Reserve Account out of proceeds of <br /> such Future Parity Bonds, Revenue of the System or ULID Assessments (or, at the option of the <br /> City, out of any other funds on hand and legally available therefor) approximately equal <br /> additional annual installments so that by five years from the date of issuance of such Future <br /> Parity Bonds there will have been paid into the Reserve Account an amount that, together with <br /> the money already on deposit therein, will be at least equal to the Reserve Requirement. Such <br /> annual payments into the Reserve Account shall be made not later than December 20 of each <br /> year. <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 City covenants and agrees that from and <br /> after the closing and delivery of the Bonds, it will at all times, subject to the foregoing funding <br /> requirements, maintain an amount in the Reserve Account 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. The Reserve Requirement may be maintained by <br /> deposits of cash, a Qualified Letter of Credit or Qualified Insurance, or a combination of the <br /> foregoing. In computing the amount on hand in the Reserve Account, Qualified Insurance and/or <br /> a Qualified Letter of Credit shall be valued at the face amount thereof, and all other obligations <br /> -33- P:120287_CMW120287_9RC 01/02/13 <br /> 40 <br />