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Bonds, as the term "proceeds of the issue" is defined and <br /> interpreted by the United States Internal Revenue Code of 1986, <br /> as amended from time to time, and the regulations and rulings <br /> promulgated and issued thereunder, (2) maximum annual debt <br /> service on the Refunding Bonds, or (3) one hundred twenty-five <br /> percent (125%) of average annual debt service on the Refunding <br /> Bonds (the "Reserve Requirement"), and all money in said fund <br /> shall be paid and transferred in the following amounts and at the <br /> following times and under the following circumstances: <br /> <br /> (i) Whenever there are insufficient funds in the <br /> Redemption Fund to meet the next maturing installment of <br /> principal of or interest on the Refunding Bonds, an amount <br /> necessary to satisfy such deficiency shall be transferred by <br /> the Finance Director from the Reserve Fund to the Redemption <br /> Fund, and the City agrees and covenants that if such <br /> insufficiency was caused by delinquent payment of <br /> installments of reassessments, then an amount equal to the <br /> amount so transferred shall be reimbursed and deposited by <br /> the Finance Director in the Reserve Fund from the proceeds <br /> of redemption or sale of the parcel or parcels in respect of <br /> which payment of installments of reassessments was <br /> delinquent. <br /> <br /> (ii) In the event any unpaid reassessments are paid in <br /> cash prior to their final due date, the Finance Director <br /> shall transfer from the Reserve Fund to the Redemption Fund <br /> an amount equal to the ratio of the amount then contained in <br /> the Reserve Fund to the total amount originally reassessed <br /> <br />SF24SS46.~ 2 1 <br /> <br /> <br />