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which a Subaccount was established, except that any amounts in the Subaccount of the Debt <br />Service Reserve Account for the 2009 Bonds of any Series shall be available to pay the principal <br />of or interest or redemption premium, if any, on the 2009 Bonds of such Series. <br />(e) In this Ordinance the term "Parity Bonds" means any and all bonds <br />ranking on a parity with the 2009 Bonds issued hereunder (including the Prior Bonds) which are <br />(i) now outstanding or issued in the future by the City and (ii) which are payable from the net <br />revenues of the City's waterworks. <br />(f) In this Section 14, the term "Bonds" means the 2009 Bonds issued <br />hereunder and all Parity Bonds. <br />(g) In this Ordinance, the term "Reserve Requirement" for the Bonds <br />(excluding the 2009 Bonds of any Series for which a Subaccount was established) means the <br />least o£ (i) the maximum annual debt service on the Bonds (excluding the 2009 Bonds of any <br />Series for which a Subaccount was established), (ii) 125% of the average annual debt service on <br />the Bonds (excluding the 2009 Bonds of any Series for which a Subaccount was established), or <br />(iii) 10% of the proceeds of the Bonds (excluding the 2009 Bonds of any Series for which a <br />Subaccount was established); provided, however, that the "Reserve Requirement" for the Bonds <br />(excluding the 2009 Bonds of any Series for which a Subaccount was established) which are sold <br />to the Indiana Finance Authority through the SRF Program means the maximum annual debt <br />service on the Bonds (excluding the 2009 Bonds of any Series for which a Subaccount was <br />established). In this Ordinance, the term "Reserve Requirement" for the 2009 Bonds of each <br />Series for which a Subaccount was established means the least of: (i) the maximum annual debt <br />service on the 2009 Bonds of such series, (ii) 125% of the average annual debt service on the <br />2009 Bonds of such Series, or (iii) 10% of the proceeds of the 2009 Bonds of such Series; <br />provided, however, that the "Reserve Requirement" for the 2009 Bonds of any Series for which a <br />Subaccount was established which are sold to the Indiana Finance Authority through the SRF <br />Program means the maximum annual debt service on the 2009 Bonds of such Series. <br />(h) Subject to Section 14(i) and Section 14(j) below, the City shall maintain in <br />the Debt Service Reserve Account (excluding any Subaccounts) an amount equal to the Reserve <br />Requirement for the Bonds (excluding the 2009 Bonds of any Series for which a Subaccount was <br />established). Subject to Section 14(i) and Section 14(j) below, the City shall maintain in the <br />Subaccount of the Debt Service Reserve Account for the 2009 Bonds of each Series for which a <br />Subaccount was established an amount equal to the Reserve Requirement for the 2009 Bonds of <br />such Series. <br />(i) To the extent that the amount in the Debt Service Reserve Account <br />(excluding any Subaccounts) on the date of the issuance of the 2009 Bonds of any Series is less <br />than the Reserve Requirement for the Bonds (excluding the 2009 Bonds of any Series for which <br />a Subaccount was established), that portion of the shortfall which exists as of the date of issuance <br />of the 2009 Bonds of such Series shall, at the election of the Executive and Fiscal Officer with <br />the advice of the City's financial advisor, be deposited into the Debt Service Reserve Account <br />(excluding any Subaccounts) either (i) in a single payment, to be paid on the date of the issuance <br />of the 2009 Bonds of such Series, or (ii) in equal monthly installments, over a period not to <br />exceed sixty (60) months after the date of issuance of the 2009 Bonds of such Series, with the <br />-22- <br />