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Account or the Debt Service Account in excess of amounts <br />which under then -applicable federal arbitrage regulations <br />may be invested without regard to yield shall not be <br />invested at a yield in excess of the applicable yield <br />restrictions imposed by said arbitrage regulations on such <br />investments after taking into account any applicable <br />"temporary periods" or "minor portion" made available under <br />the federal arbitrage regulations. Money in the Golf Course <br />Fund shall not be invested in obligations or deposits issued <br />by, guaranteed by or insured by the United States or any <br />agency or instrumentality thereof if and to the extent that <br />such investment would cause the Bonds or any other bonds <br />payable from the Debt Service Account to be "federally <br />guaranteed" within the meaning of Section 149(b) of the <br />Internal Revenue Code of 1986, as amended (the "Code"). <br />(d) Reserve Account. The Reserve Account in the <br />Golf Course Fund shall be maintained at the "Reserve <br />Requirement" described in this subparagraph 16(d). At <br />the time of issuance of the Bonds and any additional <br />bonds payable from the Debt Service Account <br />(collectively, the "Secured Bonds"), the City shall <br />cause the Reserve Account to be funded in the amount <br />equal to thin smallest of the following: <br />(i) The maximum of the unpaid annual debt service <br />requirements of the Outstanding Secured Bonds <br />(including those then being issued); <br />(ii) 1251 of the average of the unpaid annual <br />debt service requirements of the Outstanding Secured <br />Bonds (including those then being issued); <br />(iii) the maximum amount which would not cause <br />the funding level of the Reserve Account to fail to be <br />"reasonably required" or otherwise permissible under <br />the provisions of the Code (as defined below in this <br />subparagraph 16(d)); and <br />(iv) an amount equal to the <br />Requirement (if any) just prior to <br />additional Secured Bonds plus lot <br />of said Secured Bonds at the time <br />issue price to be determined pursu <br />of the Code, but without regard to <br />provided, however, <br />;um of the Reserve <br />the issuance of <br />if the "issue price" <br />leing issued (such <br />nt to Section 1273 <br />accrued interest); <br />that pursuant to such instructions and opinions as the City <br />may receive or request from its bond counsel, the Reserve <br />2.4982 <br />19 <br />