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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 • : . , as amen•e• - •1 - <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 the 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) 125% 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-sum of the Reserve <br /> Requirement (if any) just prior to the issuance of <br /> additional Secured Bonds plus 10% of the "issue price" <br /> of said Secured Bonds at the time being issued (such <br /> issue price to be determined pursuant to Section 1273 <br /> of the Code, but without regard to accrued interest) ; <br /> provided, however, <br /> that pursuant to such instructions and opinions as the City <br /> may receive or request from its bond counsel, the Reserve <br /> 244882 <br /> 19 <br />