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"Refunding Component", when used with respect to the proceeds of the Bonds, means that portion of said proceeds to be set forth in a Certificate of City, deposited in the Escrow Fund and used to pay and redeem the Prior Bonds. "Reserve Fund" means the fund of that name established and held by the Treasurer pursuant to Section 4.03 hereof. "Reserve Requirement" means the least of ten percent (10%) of the initial offering price of the Bonds to the public, or one hundred twenty-five percent (125%) of average annual debt service on the Bonds. For purposes of Reserve Requirement, "initial offering price to the public" means the principal amount of the Bonds plus any accrued interest and any original issue premium and less any original issue discounts. "Resolution" or "Resolution of Issuance" means this Resolution, as originally adopted or as it may from time to time be supplemented, modified or amended by any Supplemental Resolution pursuant to the provisions hereof. "Resolution of Intention" means the Resolution of Intention to Levy Reassessments and to Issue Refunding Bonds Upon the Security Thereof, adopted by the Council on April 9, 1990, as modified or amended and in effect on the Closing Date. "State" means the State of California. "Supplemental Resolution" means any resolution, agreement, resolution or other instrument hereafter duly adopted or executed by the City in accordance with the provisions of this Resolution. "Tax Code" means the Internal Revenue Code of 1986, as amended. Any reference to a provision of the Tax Code shall include the applicable Tax Regulations with respect to such provision. "Tax Regulations" means temporary and permanent regulations promulgated under the Tax Code. "Treasurer" means, for all purposes hereof, including the execution of the Bonds pursuant to Section 2.09 hereof, the Treasurer of the City. "Yield" means that yield which, when used in computing the present worth of all payments of principal and interest (or other payments in the case of Nonpurpose Investments which require payments in a form not characterized as principal and interest) on a Nonpurpose Investment or on the Bonds produces an amount equal to the Purchase Price of such Nonpurpose Investment or the Bonds, as the case may be, all computed as prescribed in the applicable Tax Regulations. Section 1.02. Rules of Construction. All references in this Resolution to "Articles", "Sections", and other subdivisions are to the corresponding Articles, Sections or subdivisions of this Resolution; and the words "herein", "hereof", "hereunder" and other words of similar import refer to this Resolution as a whole and not to any particular Article, Section or subdivision hereof. -7- 11261