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maximum amount of principal and interest on all outstanding Bonds <br /> becoming due in any ensuing Fiscal Year . A sum to be specified by <br /> subsequent resolution of the District may be deposited in the <br /> Reserve Account out of the proceeds of the sale of Bonds . <br /> Provided ; - however , - in no Fiscal Year shall Gross Revenues <br /> in excess of twenty per cent ( 20 % ) of the maximum amount of <br /> principal and interest on all outstanding Bonds becoming due in any <br /> ensuing Fiscal Year be required to be deposited in the Reserve <br /> Account . No further deposits shall be required to be made into the <br /> Reserve Account as long as there - shall remain on deposit therein <br /> (- including any ' Reserve "Account insurance policy or letter of credit <br /> as described below ) a sum equal to the maximum amount of principal <br /> and interest - on �-*all = outstanding " Bonds becoming due in any ensuing <br /> Fiscal ' Year : - A -r.'The value of the Reserve ' Account , including <br /> investments on = deposit in the Reserve Account , shall be determined <br /> annually on the first - day - bf ` the ' Fiscal Year by ' an independent <br /> firm of certified public accountants , who may be the accountants <br /> for the District , in accordance with generally accepted accounting <br /> principles . <br /> Notwithstanding the foregoing provisions , in lieu of , in <br /> whole or in part , the required deposits into the Reserve Account , <br /> the District may cause to be deposited into the Reserve Account <br /> either an insurance policy issued by a reputable and recognized <br /> municipal bond insurer or a letter of credit from a bank or trust <br /> company whose municipal bond insurance policy or letter of credit <br /> will result in the highest rating of municipal obligations of <br /> either Moody ' s Investors Service or Standard & Poor ' s Corporation . <br /> Any such insurance policy or letter of credit shall be payable or <br /> available to be drawn upon , as the case may be ( upon the giving of <br /> notice as required thereunder ) , on any interest payment date on <br /> which a deficiency exists which cannot be cured by money in any <br /> other fund or account held pursuant hereto and available for such <br /> purpose . If a disbursement is made under any such insurance <br /> policy or letter of credit , the District may reinstate the maximum <br /> limits of such insurance policy or letter of credit immediately <br /> following such disbursement , otherwise the amount of credit toward <br /> the Reserve Account requirement for such insurance policy or <br /> letter of credit shall be appropriately reduced . <br /> Furthermore , the District may at any time and from time <br /> to time cause to be deposited in the Reserve Account such an <br /> insurance policy or letter of credit and cause an appropriate <br /> amount to be withdrawn from the Reserve Account and released to the <br /> District . <br /> Moneys in the Reserve Account shall be used only for the <br /> purpose of the payment of maturing principal of or interest on <br /> Bonds when the other moneys in the Sinking. Fund are insufficient <br /> therefor , and for no other purpose . However , upon the valuation of <br /> the Reserve Account in each year , if the moneys applied and <br /> 16 <br />