Ordinance 1433-88 - Laserfiche WebLink

,such future Parity Bonds there will have been paid into such Reserve Account an amount which, together with the money already on deposit therein, will be at least equal to the Reserve Account Requirement for such future Parity Bonds. Such annual payments into a Reserve Account shall be made not later than December 20 of each year. Notwithstanding anything in this Section 9 to the contrary, the City may fund the Reserve Account Requirement for any Parity Bonds through a surety bond issued by a Qualified Insurer. The amount payable by the Qualified Insurer under such surety bond shall be credited against the amounts otherwise required to be accumulated and maintained in the Reserve Account for such Parity Bonds . The City further covenants and agrees that when the required deposits have been made into any Reserve Account, it will at all times maintain therein an amount at least equal to the Reserve • Account Requirement, as redetermined in each calendar year with respect to the Parity Bonds secured by such Reserve Account. Whenever there is a sufficient amount in the Revenue Bond Fund, including all accounts therein, to pay the principal of, premium, if any, and interest on all outstanding Parity Bonds, the moneys in each Reserve Account may be used to pay the principal of, premium, if any, and interest on the Parity Bonds secured thereby. Moneys in a Reserve Account may also be withdrawn to redeem and retire, and to pay the premium, if any, and interest due to such date of redemption, on the outstanding Parity Bonds secured by such Reserve Account, as long as the moneys remaining on deposit in such Reserve Account are at least equal to the Reserve Account Requirement determined with respect to such Parity Bonds then outstanding. In the event there shall be a deficiency in the Debt Service Account to meet maturing installments of either interest on or -29- KR180 88/01/11