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Payment Date until such time as the amount credited thereto is equal to the <br /> Required Reserve Amount (i.e., the Reserve Account is to be fully funded within <br /> ten years from substantial completion of the Project). In the event that moneys <br /> from the Reserve Account are transferred to the Note Account as provided in <br /> paragraph (i) of this Subsection, such amount shall be replenished as provided in <br /> the Loan Contracts. Moneys credited to the Reserve Account may be invested or <br /> deposited in lawful securities or obligations and all interest income from the <br /> investment or reinvestment of moneys credited to the Reserve Account shall be <br /> credited to the Reserve Account until the amount therein is equal to the Required <br /> Reserve Amount, at which time as the balance of the Reserve Account shall be <br /> maintained in the Required Reserve Amount and such interest income shall be <br /> credited to the Note Account. <br /> Section 6. Additional Obligations. No bonds, notes, interim securities or other <br /> obligations shall be issued payable from the Pledged Revenues and having a lien thereon which <br /> is superior to the lien of the Promissory Notes. The District may issue Parity Lien Obligations or <br /> Subordinate Lien Obligations only upon compliance with the requirements of provision A(8)(d) <br /> of the Loan Contracts. <br /> Section 7. Various Findings, Determinations, Declarations and Covenants. The <br /> Board, having been fully informed of and having considered all the pertinent facts and <br /> circumstances,hereby fords, determines, declares and covenants that: <br /> (a) voter approval of the Ballot Authorization was obtained in accordance <br /> with all applicable provisions of law; <br /> (b) it is in the best interest of the District and its residents that the Promissory <br /> Notes be authorized, issued,and delivered at the time, in the manner and for the purposes <br /> provided in this Resolution; and <br /> (c) the issuance of the Promissory Notes and all procedures undertaken <br /> incident thereto are in full compliance and conformity with all applicable requirements, <br /> provisions and limitations prescribed by the constitution and laws of the State, including <br /> the Enabling Laws and the Ballot Authorization, and all conditions and limitations of the <br /> Enabling Laws,the Ballot Authorization and other applicable law relating to the issuance <br /> of the Promissory Notes have been satisfied. <br /> Section S. Amendment of Resolution. This Resolution may be amended only with the <br /> prior written consent of CWCB. <br /> Section 9. Pledge of Revenues. The creation, perfection, enforcement and priority of <br /> the pledge of revenues to secure or pay the Promissory Notes shall be governed by Section 208 <br /> of the Supplemental Act and this Resolution. The Pledged Revenues shall immediately be <br /> subject to the lien of such pledge without any physical delivery,filing or further act. The lien of <br /> such pledge on the Pledged Revenues shall have priority over any and all other obligations and <br /> liabilities of the District except the Series 2013 Bonds, which have priority over the Promissory <br /> Notes, and the Parity Obligations, if any, which will be on a parity with the Promissory Notes. <br /> 8 <br /> 4842-9493-1230.1 <br />