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Registration and Paying Agent Agreement in Resolution No. 08-118, not less than the days set <br /> forth therein, and in the Series 2012 Principal and Interest Fund, not less than the days set forth <br /> therein and any future principal, premium, and interest fund. Moneys in the Revenue Bond Fund <br /> shall be pledged to and used solely for the purposes as set out above, except that Net Revenue is <br /> not pledged to the payment of General Obligation Bonds. Revenue Bond Fund moneys may be <br /> invested in accordance with the laws of the State of Colorado for special districts at the direction <br /> of the District and earnings from such investments shall remain in the Revenue Bond Fund. In <br /> the event that moneys in the Revenue Bond Fund are not sufficient to pay principal and interest <br /> on all the Outstanding Obligations, the moneys in the District's Revenue Bond Fund shall be <br /> applied, notwithstanding the provisions of Section 12b of the Loan Contracts, to principal and <br /> interest on all the Outstanding Obligations ratably, without preference or priority of any kind, <br /> according to the amounts due and payable on the Outstanding Obligations for principal and <br /> interest, respectively. <br /> Section 8. That the District hereby determines, in accordance with Resolution No. 08- <br /> 118, that the Reserve Requirement for each Loan Contract shall be an amount equal to one-tenth <br /> of an annual payment into its debt service reserve account or fund on the due date of its first <br /> annual loan payment and annually thereafter for the first ten years of repayment of each Loan <br /> Contract. <br /> Section 9. That the provisions of this Resolution, Resolution No. 05-106, Resolution No. <br /> 08-118 and Resolution No. 12-137 are incorporated in the Basic Documents and approved by the <br /> execution of the Basic Documents. In the event of any inconsistencies between the provisions of <br /> this Resolution and of, , Resolution No. 05-106 or Resolution No. 08-118 or Resolution No. 12- <br /> 137, the provisions of this Resolution shall control. <br /> Section 10. That in order to comply with covenant (ii) of Section 5 the District shall, to <br /> the extent necessary, restrict available funds for 11 months in an amount at least equal to the <br /> amount by which the total of Recurring Revenues and Capacity Fees (less Operation and <br /> Maintenance Expenses, plus any amounts needed to restore any reserve fund to the applicable <br /> reserve fund requirement) for that calendar year, are less than 125% percent of Annual Debt <br /> Service with 125% of Annual Debt Service based on Annual Debt Service for the succeeding <br /> calendar year, as certified by the District annually on January 31 of each year, in a special <br /> account defined in Section 16 as the Rate Stabilization Account. The Rate Stabilization Account <br /> shall be used to insure that Recurring Revenue and Capacity Fees after payment of Operation and <br /> Maintenance Expenses when combined with the Rate Stabilization Account will equal 125% of <br /> Annual Debt Service on the Outstanding Obligations. The Rate Stabilization Account is not <br /> pledged to payment of the Loan Contracts, but may be used to pay debt service on the Loan <br /> Contracts or for any other District purpose. To the extent not used for other District purposes, <br /> the restricted funds in the Rate Stabilization Account may be used to make Debt Service <br /> Payments on the Outstanding Obligations, including the Loan Contracts. <br /> Section 11. That the District covenants and agrees that it will not issue obligations <br /> payable from the Net Revenues which are prior or superior to the lien of the Outstanding <br /> Obligations. The District may issue Parity Lien Bonds if at the time the Parity Lien Bonds are <br /> -8- <br />