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c) No amounts in the Common Reserve Subaccount shall be available to pay <br />any principal of or interest or redemption premium, if any, on any Bonds,except the 2023 Bonds, <br />the 2009A Bonds and any Parity Bonds hereafter issued by the City. <br />d) No amounts in the Debt Service Reserve Account shall be available to pay <br />any principal of or interest or redemption premium, if any, on any of the 2023 Bonds, the 2009A <br />Bonds and any Parity Bonds hereafter issued by the City, except that any amounts in the Common <br />Reserve Subaccount of the Debt Service Reserve Account shall be available to pay the principal <br />of or interest or redemption premium, if any,on the 2023 Bonds,the 2009A Bonds,and any Parity <br />Bonds hereafter issued by the City. <br />e) In this Ordinance the term "Parity Bonds"means any and all bonds ranking <br />on a parity with the 2023 Bonds issued hereunder (including the Prior Bonds) which are (i) now <br />outstanding or issued in the future by the City on a parity with the 2023 Bonds in accordance with <br />the restrictions imposed by this Ordinance and (ii) payable from the Net Revenues of the <br />Waterworks. <br />f) In this Ordinance, the term "Reserve Requirement" for the Bonds <br />excluding any Bonds for which a Subaccount was established) means the least of: (i) the <br />maximum annual debt service on the Bonds (excluding any Bonds for which a Subaccount was <br />established), (ii) 125% of the average annual debt service on the Bonds (excluding any Bonds for <br />which a Subaccount was established), or (iii) 10% of the proceeds of the Bonds (excluding any <br />Bonds for which a Subaccount was established); provided, however, that the "Reserve <br />Requirement"for the Bonds(excluding any Bonds for which a Subaccount was established)which <br />are sold to the Authority through the IFA Program means the maximum annual debt service on the <br />Bonds, the Prior Bonds, and any Parity Bonds (excluding any Bonds for which a subaccount was <br />established). In this Ordinance,the term"Reserve Requirement"for the 2023 Bonds of each series <br />means the least of: (i) the maximum annual debt service on the 2023 Bonds of such series, (ii) <br />125% of the average annual debt service on the 2023 Bonds of such Series, or (iii) 10% of the <br />proceeds of the 2023 Bonds of such series; provided, however, that the "Reserve Requirement" <br />for the 2023 Bonds of each series which are sold to the Authority through the IFA Program means <br />the maximum annual debt service on the 2023 Bonds of such series, the 2009A Bonds and any <br />Parity Bonds hereafter issued by the City. <br />g) Subject to Section XV(i) and Section XV(j) below, the City shall maintain <br />in the Debt Service Reserve Account(excluding any Subaccounts)an amount equal to the Reserve <br />Requirement for the Bonds (excluding any Bonds for which a Subaccount was established). <br />Subject to Section XV(h)and Section XV(i)below,the City shall maintain in the Common Reserve <br />Subaccount of the Debt Service Reserve Account for the 2023 Bonds or each series thereof an <br />amount equal to the Reserve Requirement for the 2023 Bonds or such series thereof, the 2009A <br />Bonds, and any Parity Bonds hereafter issued by the City. <br />h) To the extent that the amount in the Debt Service Reserve Account <br />excluding any Subaccounts) on the date of the issuance of the 2023 Bonds or any series thereof <br />is less than the Reserve Requirement for the Bonds (excluding any Bonds for which a Subaccount <br />was established), that portion of the shortfall which exists as of the date of issuance of the 2023 <br />Bonds or such series thereof shall, at the election of the Mayor and Controller with the advice of <br />the Municipal Advisor, be deposited into the Debt Service Reserve Account (excluding any <br />23 -