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(d) The Issuer may create and establish a debt service reserve fund pursuant to the provisions <br />of any resolution or other instrument authorizing the issuance of Parity Obligations for the purpose <br />of securing that particular issue or series of Parity Obligations or any specific group of issues or <br />series of Parity Obligations, and the amounts once deposited or credited to said debt service reserve <br />funds shall no longer constitute Pledged Revenues and shall be held solely for the benefit of the <br />owners of the particular Parity Obligations for which such debt service reserve fund was established. <br />Each debt service reserve fund shall receive a pro rata amount of the Pledged Revenues after the <br />requirements of the Debt Service Fund, which secures all Parity Obligations, have first been met. <br />Each such debt service reserve fund shall be designated in such manner as is necessary to identify <br />the Parity Obligations it secures and to distinguish such debt service reserve fund from the debt <br />service reserve funds created for the benefit of other Parity Obligations. Each resolution authorizing <br />the issuance of Parity Obligations that are to be secured by a debt service reserve fund shall specify <br />the amount or a manner of calculating the amount to be held and maintained on deposit therein. <br />Section 11. TRANSFER. <br />(a) Pursuant to the provisions of the Transfer Agreement, the City has agreed to do any <br />and all things necessary to accomplish the transfer of the Sales Tax collected for the benefit of the <br />Issuer to the Revenue Fund on a monthly basis. The Transfer Agreement shall govern matters with <br />respect to the collection of sales and use taxes from the Comptroller, credits and refunds due and <br />owing to the Comptroller, and other matters with respect to the collection and transfer of the Sales <br />Tax. <br />(b) The Chairman and the Treasurer of the Board are hereby ordered to do any and all <br />things necessary to accomplish the transfer of money to the funds established hereby in ample time <br />to pay the principal of and interest on the Bonds. <br />Section 12. INVESTMENTS. Money in any fund established by this Resolution may, at the <br />option of the Board, be invested in eligible investment securities as described in the Investment Act; <br />provided that all such investments shall be made in such manner that the money required to be <br />expended from any fund will be available at the proper time or times. Investment earnings realized <br />on investments attributable to the Debt Service Fund shall be retained therein and shall constitute <br />a credit against the amount of money that is required to be on deposit therein for each payment of <br />principal or interest. Such investments shall be valued in terms of current market value as of the last <br />day of each Fiscal Year. Such investments shall be sold promptly when necessary to prevent any <br />default in connection with the Bonds. <br />Section 13. FLTNDS SECURED. Money in all funds created by this Resolution, to the extent <br />not invested, shall be secured in the manner prescribed by law for securing funds of the City. <br />Section 14. PAYMENT. On or before September 1, 2010, and semiannually on or before <br />each March 1 and September 1 thereafter while any of the Bonds are Outstanding and unpaid, the <br />Issuer shall cause to be transferred to the Paying AgentlRegistrar amounts sufficient to make <br />payment of the principal of and interest on the Bonds to the Holder thereof with funds on deposit <br />in the Debt Service Fund. <br />18 <br />