8359-93 Revenue Bonds Refund Outstanding Sewage Segregation

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subject to the prior written consent of the Bond Insurer. Any rating agency rating the 1993 Bonds must receive notice of each amendment or supplement and a copy thereof at least fifteen (15) days in advance of its execution or adoption. (c) Notices. The City shall furnish to the Bond Insurer: (1) Within 120 days after the end of the City's fiscal year, budget for the new year; latest annual audited financial statements; a statement of the amount on deposit in the Reserve Account as of the last valuation (as described in (d) below) ; if not presented in the audited financial statements, a statement of the net revenues pledged to payment of 1993 Bonds in such fiscal year; the number of system users as of the end of the fiscal year; notification of the withdrawal of any system user comprising 4% or more of system sales measured in terms of revenue dollars since the last reporting date; and any significant plant retirements or expansions planned or undertaken since the last reporting date; (2) Official statement or other disclosure, if any, prepared in connection with the issuance of additional bonds, whether or not issued on a parity with the 1993 Bonds, within 30 days after the sale thereof; (3) Notice of any draw upon the Reserve Account, or any deficiency as of the latest valuation due to market fluctuation in the amount on deposit in the Reserve Account; (4) Notice of the redemption of any of the 1993 Bonds, including the principal amount, maturities and CUSIP numbers thereof; and (5) Such additional information as the Bond Insurer may reasonably request from time to time. (d) Valuation of Reserve Account. Within ninety (90) days after the end of each fiscal year, amounts held in the Reserve Account shall be valued at the market value thereof, exclusive of accrued interest. If such market valuation is less than the Reserve Requirement, the deficiency shall be restored within twelve (12) months from the date of the valuation (i) in twelve (12) substantially equal monthly deposits from the next available net revenues after required deposits to the Debt Service Account, and/or (ii) from revaluation of investments at the market value thereof, exclusive of accrued interest. The value of such investments shall be determined as follows: (A) as to investments the bid and asked prices of which are published on a regular basis in The Wall Street Journal (or, if not there, then in The New York Times) : the average of the bid and asked prices for such investments so published on or most recently prior to the time of determination;