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(3) Withdrawals from the Capital Reserve Account. The District may make <br /> withdrawals from the Capital Reserve Account at any time in order to fund Capital Expenditures. <br /> Expenditures for any purpose other than Capital Expenditures will require an approving vote of <br /> the Board of Directors of the District. <br /> ARTICLE III <br /> District Repayment Obligations <br /> Section 3.01 Payment Obligations of the District with respect to the 2018 Bonds. <br /> (a) Establishment of Funds and Accounts. The District shall establish and maintain <br /> the General Revenue Fund, the 2018 Bond Account and the 2018 Reserve Account, consistent <br /> with the terms of the 2018 Bond Resolution (which funds and accounts may be designated by <br /> name in accordance with policies and procedures of the district or required to comply with the <br /> District's accounting procedures) <br /> (b) General Revenue Fund. <br /> (1) Deposits to the General Revenue Fund. The District shall deposit all <br /> District Revenues in the General Revenue Fund as received. <br /> (2) Withdrawals from the General Revenue Fund. Withdrawals from the <br /> General Revenue Fund shall be made in the following order of priority: <br /> (A) On each date on which a Required Monthly Debt Service Deposit- <br /> Interest is to be paid pursuant to Subsection 3.01(c)(1)(A), the District will withdraw an amount <br /> sufficient to make each deposit in the 2018 Bond Account. <br /> (B) On each date on which a Required Monthly Debt Service Deposit- <br /> Principal is to be paid pursuant to Subsection 3.01(c)(1)(B),the District will withdraw an amount <br /> sufficient to make each deposit in the 2018 Bond Account. <br /> (C) If the foregoing deposits described in subsections (A) and (B)have <br /> been made the District shall withdraw amounts in the General Revenue Fund for the following <br /> additional purposes in the following order of priority: <br /> First, To pay Operation and Maintenance Expenses as they become due; <br /> Second, To make a monthly installment to replenish the 2018 Reserve Account as <br /> required under subsection(d)(4); <br /> Third, To make Annual Capital Reserve Payments to the Capital Reserve Account as <br /> provided in Section 2.02(e); <br /> Fourth, To pay the 2014 PFD Refunding Bonds; <br /> 6l 2- 501534419 v3 <br />