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