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(4) Fourth, the County shall deposit into an account in the Sinking <br />Fund to be known as the "Reserve Account", which is hereby created and <br />established, a sum sufficient to increase the amount on deposit in the Reserve <br />Account to the Reserve Account Requirement; provided, however, in no Fiscal <br />Year shall Net Revenuesin excess of twenty percent (20%) of the Reserve <br />Account Requirement be required to be deposited in the Reserve Account, except <br />as may be required in connection with a Reserve Account Credit Instrument. No <br />further deposits shall be required to be made into the Reserve Account as long as <br />there shall remain on deposit therein (including any Reserve Account Credit <br />Instrument as described below) a sum equal to the Reserve Account Requirement. <br />A sum to be specified by subsequent resolution of the County may be <br />deposited in the Reserve Account out of the proceeds of the sale of Bonds. <br />Notwithstanding the foregoing provisions, in lieu of, in whole or in part, <br />the required deposits into the Reserve Account, the County may, except to the <br />extent limited by subsequent resolution of the county adopted prior to the issuance <br />of a series of Bonds, cause to be deposited into the Reserve Account any of the <br />following (each a "Reserve Account Credit Instrument"): <br />(a) A surety bond or insurance policy issued to the Paying <br />Agent, as agent of the Bondholders, by a company licensed to <br />issue an insurance policy guaranteeing the timely payment of debt <br />service on the Bonds (a "municipal bond insurer"), if the claims <br />paying ability of the issuer thereof, at the time of issuance thereof, <br />shall be rated "AAA" by Standard & Poor's Corporation or its <br />successor ("S&P") and "Aaa" by Moody's Investors Service or its <br />successor ("Moody's"); <br />(b) A surety bond or insurance policy issued to the Paying <br />Agent, as agent of the Bondholders, by an entity other than a <br />municipal bond insurer, if the form and substance of such <br />instrument and the issuer thereof shall be approved by the Bond <br />Insurer for the respective series of Bonds; or <br />(c) An unconditional irrevocable letter of credit issued to the <br />Paying Agent, as agent of the Bondholders, by a bank, if such bank <br />is rated at least "AA" by S&P and "Aa" by Moody's, at the time of <br />issuance thereof. <br />Furthermore, the County may at any time and from time to time cause to <br />be deposited in the Reserve Account such a Reserve Account Credit Instrument <br />and cause an appropriate amount to be withdrawn from the Reserve Account and <br />deposited in the Revenue Fund. <br />11 <br />