Laserfiche WebLink
3 <br /> If a deficiency in the Revenue Bond Fund for the payment of debt service on Covered <br /> Bonds shall occur, such deficiency shall be made up from the Reserve Account by the <br /> withdrawal of cash therefrom for that purpose and by the sale or redemption of obligations held <br /> in the Reserve Account, in such amounts as will provide cash in the Reserve Account sufficient <br /> to make up any such deficiency with respect to Covered Bonds, and if a deficiency still exists <br /> immediately prior to an interest payment date and after the withdrawal of cash, the City shall <br /> then draw from any Qualified Letter of Credit or Qualified Insurance for Covered Bonds in <br /> sufficient amount to make up the deficiency. Such draw shall be made at such times and under <br /> such conditions as the agreement for such Qualified Letter of Credit or such Qualified Insurance <br /> shall provide. <br /> Any deficiency created in the Reserve Account by reason of any such withdrawal shall <br /> then be made up within one year of the date of withdrawal from Net Revenues or from ULID <br /> Assessments (or out of any other moneys on hand legally available for such purpose) after <br /> making necessary provision for the payments required to be made into the Bond Fund within <br /> such year. <br /> Any Qualified Insurance shall not be cancelable on less than 30 days' notice to the City. <br /> In the event of any cancellation or termination of a Qualified Insurance or a Qualified Letter of <br /> Credit,the Reserve Account shall be funded as if the Covered Bonds that remain outstanding had <br /> been issued on the date of such notice of cancellation. <br /> In the event that the City elects to meet the Reserve Requirement through the use of a <br /> Qualified Letter of Credit, Qualified Insurance or other equivalent credit enhancement device, <br /> the City may contract with the entity providing such Qualified Letter of Credit, Qualified <br /> Insurance or other equivalent credit enhancement device that the City's reimbursement <br /> obligation, if any, to such entity shall be made from payments of principal and interest on <br /> -35- P:120287_CMVN20287_9RC 01/02/13 <br /> 42 <br />