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(a) A surety bond or insurance policy <br />issued to the Paying Agent, as agent of the <br />Bondholders, by a company licensed to issue an <br />insurance policy guaranteeing the timely payment <br />of debt service on the Bonds (a "municipal bond <br />insurer"), if the claims paying ability of the <br />issuer thereof shall be rated "AAA" or "Aaa" by <br />Standard & Poor's Corporation ("S&P") or Moody's <br />Investors Service ("Moody's"), respectively; or <br />(b) An unconditional irrevocable <br />letter of credit issued to the Paying <br />Agent, as agent of the Bondholders, by a <br />bank, if such bank is rated at least "AA" <br />by S&P. <br />Any such Reserve Account Credit Instrument shall be <br />payable or available to be drawn upon, as the case may <br />be (upon the giving of notice as required thereunder), <br />by the Paying Agent on any interest payment date on <br />which a deficiency exists which cannot be cured by money <br />in any other fund or account held pursuant hereto and <br />available for such purpose. It shall be the duty of the <br />Paying Agent to, and the Paying Agent shall, without <br />further authorization or direction from the County, <br />ascertain the necessity for a claim or draw upon any <br />Reserve Account Credit Instrument and provide notice to <br />the issuer of the Reserve Account Credit Instrument in <br />accordance with its terms at such time as will, when <br />giving due allowance for the time permitted for the <br />issuer to make payment under the Reserve Account Credit <br />Instrument, ensure payment under the Reserve Account <br />Credit Instrument on or before the interest payment <br />date. If the Reserve Account requirement shall at any <br />time be satisfied in whole or in part with a qualifying <br />letter of credit and such letter of credit is about to <br />expire or terminate, the County hereby authorizes and <br />directs the Paying Agent to draw upon such letter of <br />credit prior to its expiration or termination to the <br />extent required to fully fund the Reserve Account <br />requirement unless a replacement Reserve Account Credit <br />Instrument is in place or the Reserve Account is <br />otherwise fully funded in its required amount. <br />" If a disbursement is made under any such Reserve <br />Account Credit Instrument, the County may reinstate the <br />- 4 - <br />