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UnderIA" Securily for CoUcction of the 1984 SDgciat Assessments and the 1990 Special As_seccmentc In the event the County must resort to foreclosure to enforce collection of the special assessments, collection of the delinquent assessments is dependent upon the value of the assessed property. Pk* of OUw Assessment Revenues All Special Assessments levied (if any) in connection with the Series 1993 Projects (see "DESCRIPTION OF CAPITAL PROJECTS%and all interest, prepayment charges and penalties in connection therewith received by the County shall be Revenues under the Master Bond Resolution. Rate Covenant The County covenants in the Master Bond Resolution to establish and maintain such Uniform Charges and, as applicable, such Surcharges, Impact Fees, Special Assessments, Franchise Fees, Fees in lieu of Franchise Fees, and such other receipts and revenues in connection with the System, so as to always provide either of the following: (1) Uniform Charges less Operating Expenses sufficient to pay (a) one hundred percent (10017b) of all required deposits into the Reserve Account, and (b) one hundred twenty percent (120%) of the amount of principal and interest becoming due in such Fiscal Year on the Bonds outstanding, or (2) When the Revenues include receipts and revenues in addition to Uniform Charges, Net Revenues in each Fiscal Year sufficient to pay (a) one hundred percent (100%) of all required deposits into the Reserve Account, and (b) one hundred twenty percent (12017b) of the amount of principal and interest becoming due in such Fiscal Year on the Bonds outstanding; provided, however, that Uniform Charges less Operating Expenses are sufficient to pay (a) one hundred percent (100%) of alf required deposits into the Reserve Account, and (b) one hundred percent (100%) of the amount of principal and interest becoming due in such Fiscal Year on the Bonds outstanding. Any amounts owed by the County to the issuer of a Reserve Account Credit Instrument (as defined hereinafter) as a result of a draw thereon, as appropriate, shall be added to the principal and interest payable on the Bonds to determine compliance with this rate covenant. Reserve Account The Master Bond Resolution provides for the establishment and maintenance of a Reserve Account within the Sinking Fund. Upon delivery of the Series 1993 Bonds, the County shall deposit into or credit to the Reserve Account a sum equal to the lesser of (i) the maximum annual debt service on all outstanding Bonds, or (u) one and one-quarter (125%) limes the average annual debt service on all outstanding Bonds (the "Reserve Account Requirement"); provided, however, in no event shall such deposit exceed the maximum amount which would adversely affect the exclusion of the interest on the Series 1993 Bonds from gross income of the Registered Owners thereof for purposes of federal income taxation. Moneys on deposit in the Reserve Account shall be applied in accordance with the provisions of the Master Bond Resolution solely for the purpose of the payment of the Bonds when the other moneys in the Sinking Fund are insufficient therefor, and for no other purpose. 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 Credit Instrument as described below) a sum equal to the Reserve Account Requirement. The value of the Reserve Account, including investments on deposit in the 10