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<br />by the City in its absolute discretion) at the time making a market in such <br />investments or the bid price published by a nationally recognized pricing service; <br /> <br />(6) Certificates of deposit and bankers acceptances which mature more than two years <br />after the Valuation Date shall be valued at their face amount, plus accrued interest; <br />and, <br /> <br />(7) Any investment which is not specified above and which matures more than two <br />years after the Valuation Date shall be valued at its fair market value as reasonably <br />estimated by the City. <br /> <br />(I) Withdrawals from the Bond Reserve Account shall be made in the following order of <br />priority: <br /> <br />(1) First, from any cash on deposit in the Bond Reserve Account; <br /> <br />(2) Second, from the liquidation proceeds of any Permitted Investments on deposit in <br />such Bond Reserve Account; and <br /> <br />(3) Third, from moneys drawn or paid pro-rata under any Reserve Credit Facilities. <br /> <br />(J) Amounts on deposit in the Bond Reserve Account may be applied to the final payment <br />(whether at maturity, by prior Redemption or by means of a defeasance as provided in <br />Section 11) of a Series of Bonds, so long as the value remaining in the Bond Reserve <br />Account thereafter is at least equal to the Reserve Requirement for all Bonds which will <br />be Outstanding thereafter. <br /> <br />(K) Any Supplemental Resolution authorizing the issuance of a Series of Parity Obligations <br />shall require a deposit into the Bond Reserve Account in an amount sufficient to make the <br />balance in the Bond Reserve Account at least equal to the Reserve Requirement on the <br />date of closing of that Series of Bonds, with that Series of Parity Obligations treated as <br />Outstanding. <br /> <br />3.4 Subordinate Obligations Account. If the City issues Subordinate Obligations, the City <br />shall create and maintain the Subordinate Obligations Account as long as the Subordinate <br />Obligations are outstanding. The Subordinate Obligations Account may be divided into <br />sub accounts, and the City may establish priorities for funding the subaccounts in the Subordinate <br />Obligations Account. Net Revenues shall be deposited into the Subordinate Obligations Account <br />only as permitted by Section 2.1 (E). Earnings on the Subordinate Obligations Account" shall be <br />credited as provided in the proceedings authorizing the Subordinate Obligations. Net Revenues <br />in the Subordinate Obligations account are pledged to pay the Bonds. <br /> <br />Section 4. Rate Covenant. <br /> <br />4.1 Basic Rate Covenant. The City covenants for the benefit of the Owners that it will <br />establish and maintain rates and charges in connection with the operation of the Airport which <br />are sufficient, with other available funds, to permit the City to pay all Operating Expenses and all <br /> <br />Page 9 - Resolution <br /> <br />March 23, 2000 <br />