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8.A. - Page 37 <br /> moneys have been advanced from the Reserve Fund, such Installment Payment or portion <br /> thereof shall be deposited in the Reserve Fund to the extent of such advance. <br /> Transfer of Excess Amounts. If, following valuation or calculation thereof, the amount <br /> available and contained in the Reserve Fund (valued as provided in the Indenture) exceeds the <br /> Reserve Requirement and if the Trustee does not have actual knowledge of an Event of Default <br /> under the Indenture, the Trustee shall withdraw the amount of such excess from the Reserve <br /> Fund. The Trustee shall deposit such amount in the Payment Fund. <br /> Substitution of Reserve Fund Credit Instrument. If at any time the Reserve Fund is funded <br /> with cash, the Authority may deliver to the Trustee an irrevocable letter of credit issued by a <br /> financial institution having unsecured debt obligations rated in the highest rating categories of <br /> Moody's and S&P, in an amount, together with moneys, or surety bonds or insurance policies <br /> (as described below)on deposit in the Reserve Fund, equal to the Reserve Requirement. <br /> Such letter of credit shall have an original term of no less than three (3) years or, if less, <br /> the final maturity of the Bonds and such letter of credit shall provide by its terms that it may be <br /> drawn upon as provided herein. At least one year prior to the stated expiration of such letter of <br /> credit, the Authority shall either (i) deliver a replacement letter of credit, (ii) deliver an <br /> extension of the letter of credit for at least an additional year or, if less, the final maturity of the <br /> Bonds, or (iii) deliver to the Trustee a surety bond or an insurance policy satisfying the <br /> requirements set forth below. Upon delivery of such replacement letter of credit, extended letter <br /> of credit, or surety bond or insurance policy, the Trustee shall deliver the then-effective letter of <br /> credit to or upon the written order of the Authority. <br /> If the Authority shall fail to deposit a replacement letter of credit, extended letter of <br /> credit or surety bond or insurance policy with the Trustee, the Authority shall immediately <br /> commence to make monthly deposits with the Trustee so that an amount equal to the Reserve <br /> Requirement will be on deposit in the Reserve Fund no later than the stated expiration date of <br /> the letter of credit. If an amount equal to the Reserve Requirement as of the date following the <br /> expiration of the letter of credit is not on deposit in the Reserve Fund one week prior to the <br /> stated expiration date of the letter of credit, the Trustee shall draw on the letter of credit to fund <br /> the deficiency resulting therefrom in the Reserve Fund. <br /> Additionally, the Authority may, with an opinion of nationally recognized bond counsel <br /> that such delivery complies with the provisions of the Indenture, deliver to the Trustee a surety <br /> bond or an insurance policy securing an amount, together with moneys or letters of credit on <br /> deposit in the Reserve Fund, equal to the Reserve Requirement. Such surety bond or insurance <br /> policy shall be issued by an insurance company whose unsecured debt obligations (or for which <br /> obligations secured by such insurance company's insurance policies) at the time of delivery of <br /> such surety bond or insurance policy are rated in the highest rating category of Moody's and <br /> S&P. Such surety bond or insurance policy shall have a term of no less than the final maturity of <br /> the Bonds. In the event that such surety bond or insurance policy for any reason lapses or <br /> expires, the Authority shall immediately deliver a replacement surety bond, insurance policy or <br /> letter of credit meeting the requirements of the Indenture for deposit in the Reserve Fund. <br /> Special Obligation; Obligations Absolute <br /> Special, Limited Obligation. The City's obligation to pay the 2015 Installment Payments <br /> (on a parity with the 2013 Installment Payments, the 2007 Installment Payments and any <br /> other Parity Obligations) is a special obligation of the City limited solely to the Net <br /> Revenues. Under no circumstances is the City required to advance moneys derived from any <br /> source of income other than the Net Revenues and other sources specifically identified in the <br /> 2015 Installment Purchase Contract for the payment of the 2015 Installment Payments and such <br /> -13- <br />