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<br />e <br /> <br />(2) there is on hand in the Reserve Account <br />an amount equal to the Reserve Requirement <br />computed with respect to all outstanding bonds <br />payable from the Debt Service Account and the <br />additional bonds then to be issued; and <br /> <br />e <br /> <br />(3) the bonds mature on January 1 and are <br />not made subject to redemption on a date prior to <br />any outstanding bonds payable from the Debt <br />Service Account or, if the bonds are refunding <br />bonds, on a date prior to the one which the <br />refunded bonds were subject to redemption; <br /> <br />(4) in the case of refunding bonds, if an <br />escrow fund is to be established, the City obtains <br />a report of an independent certified public <br />accountant that the moneys and securities on hand <br />in the escrow account are sufficient to pay the <br />applicable debt service obligations of the <br />refunded bonds on their stated maturity dates <br />and/or any date on which such obligations have <br />been or are to be called for prior redemption and <br />prepayment; and the City obtains an opinion of <br />nationally recognized bond counsel stating that <br />the issuance of the additional bonds will not <br />cause the interest on any bonds payable from the <br />Debt Service Account to be includible in gross <br />income for federal tax purposes; and <br /> <br />(5) the City is not in default under this <br />Resolution or any other resolution authorizing the <br />issuance of any outstanding bonds payable from the <br />Debt Service Account. <br /> <br />19. Subordinate Lien Bonds. Except as provided in <br />paragraph 18, all additional bonds shall be payable from the <br />Surplus Account and from Gross Revenues transferred thereto after <br />the requirements of paragraphs 16(b) through (e) are met, and <br />such additional bonds described in this paragraph shall be <br />subordinate to the pledge and appropriation of such Gross <br />Revenues for the purposes of paragraphs 16 through 18. <br /> <br />20. Bondholder's Riqhts. No registered owner of any <br />bond issued and secured under the provisions hereof will have the <br />right to institute any proceeding, judicial or otherwise, for the <br />enforcement of the covenants herein contained, without the <br />written concurrence of the registered owners of not less than 25 <br />percent in aggregate principal amount of the bonds which are at <br />such time outstanding and payable from the Debt Service Account, <br /> <br />244882 <br /> <br />e <br /> <br />26 <br />