14-Deliberate and act on a Resolution approving a PEDC Resolution

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Revenues to the Debt Service Fund may be discontinued, until there is once again an amount less than the principal and interest coming due on the Outstanding Parity Obligations within the next twelve months, at which time such deposits shall be resumed. The required deposits to the Debt Service Fund for the payment of principal of and interest on the Bonds shall continue to be made as hereinabove provided until (i) the total amount on deposit in the Debt Service Fund is equal to the amount required to fully pay and discharge the Bonds (principal and interest) then Outstanding or (ii) the Bonds are no longer Outstanding. Section 10. 2010 RESERVE FLTND AND RESERVES FOR PARITY OBLIGATIONS. (a) There is hereby created and ordered held at a depository of the Issuer, for the benefit of the Bonds, the 2010 Reserve Fund. Upon the delivery of the Bonds, the Issuer shall deposit and credit to the 2010 Reserve Fund an amount not less than $346,192, being the Required Reserve Amount (as defined below) for the Bonds. Such deposit shall be made from amounts currently on deposit in the debt service reserve fund for the Refunded Bonds. The Issuer shall maintain a balance in the 2010 Reserve Fund in an amount equal to the Average Annual Debt Service requirements (which shall be recalculated on or about each March 1 and September 1 of each year) on the Bonds (the "Required Reserve Amount"). The Required Reserve Amount shall be maintained in the 2010 Reserve Fund at all times after the delivery of the Bonds. All funds and investments on deposit and credited to the 2010 Reserve Fund shall be used solely for (i) the payment of the principal of and interest on the Bonds, when and to the extent other funds available for such purposes are insufficient, (ii) to retire the last stated maturity or stated maturities of or interest on the Bonds, or (iii) as provided in clause (c) below, any excess amount in the 2010 Reserve Fund may be transferred to the Revenue Fund and allocated in accordance with Section 7 hereof. (b) When and for so long as the cash and investments in the 2010 Reserve Fund equal the Required Reserve Amount, no deposits need be made to the credit of the 2010 Reserve Fund; but, if and when the 2010 Reserve Fund at any time contains less than the Required Reserve Amount, the Issuer covenants and agrees that the Issuer shall cure the deficiency in the 2010 Reserve Fund by making deposits to the 2010 Reserve Fund from the Pledged Revenues in accordance with Section 7 by monthly deposits in amounts equal to not less than 1/60th of the Required Reserve Amount with any such deficiency payments being made on or before the last day of each month until the Required Reserve Amount has been fully restored. The Issuer further covenants and agrees that, subject only to the prior deposits to be made to the Debt Service Fund, the Pledged Revenues shall be applied and appropriated and used to establish and maintain the Required Reserve Amount, and any reserve fund that may be established for the benefit of any issue or series of Additional Obligations and to cure any deficiency in such amounts as required by the terms of this Resolution and any other resolution pertaining to the issuance of Additional Obligations. (c) Earnings and income derived from the investment of amounts held for the credit of the 2010 Reserve Fund shall be retained in the 2010 Reserve Fund until the 2010 Reserve Fund contains the Required Reserve Amount. During such time as the 2010 Reserve Fund contains the Required Reserve Amount, the Issuer may, at its option, withdraw all surplus funds in the 2010 Reserve Fund and deposit such surplus in the Revenue Fund. 17 . ~ ~