427

401

April and October so much of the Net Revenues of the Dormitory System as shall be sufficient to pay the interest then or to become due and payable on the next interest payment date on all bonds outstanding under this Resolution and one-half (1/2) of the principal of the bonds then or to become due and payable within the next ensuing twelve (12) months' period and to maintain said reserve of Four Hundred Thirty-five Thousand Dollars ($435,000); provided, however, that

(i) on or before the 15th day of each April and October commencing with April 15, 1967, such withdrawals from the Dormitory System Revenue Fund Account of 1963 and deposits to the credit of the Dormitory System Bond and Interest Sinking Fund Account of 1963 for each fiscal year shall be increased by an amount equal to one and thirty-five hundredths (1.35) times the average annual Principal and Interest Requirements on account of the 1963 Series F bonds, and

(ii) on or before the 15th day of each April and October commencing twenty-nine and one-half (29 1/2) months after the date of any Series of bonds issued under the provisions of Section 211 of Article II of this Resolution, such withdrawals from the Dormitory System Revenue Fund Account of 1963 and deposits to the credit of the Dormitory System Bond and Interest Sinking Fund Account of 1963 for each fiscal year shall be further increased by an amount equal to one and thirty-five hundredths (1.35) times the average annual Principal and Interest Requirements on account of any such Series,

until the amount held for the credit of the Dormitory System Bond and Interest Sinking Fund Account of 1963 shall be sufficient to pay the interest then or to become due and payable on the next interest payment date on all bonds outstanding under this Resolution and one-half (1/2) of the principal of the bonds then or to become due and payable within the next ensuing twelve (12) months' period and provide a debt service reserve in an amount sufficient to meet the Principal and Interest Requirements for the next succeeding two (2) fiscal years on account of all bonds outstanding under this Resolution, and thereafter on or before the 15th day of each April and October such withdrawals and deposits shall be made as shall be sufficient to pay the interest then or to become due and payable on the next interest payment date on all bonds outstanding under this Resolution and one-half (1/2) of the principal of the bonds then or to become due and payable within the next ensuing twelve (12) months' period and to maintain said debt service reserve of an amount sufficient to meet the Principal and Interest Requirements for the next succeeding two (2) fiscal years on account of all bonds outstanding under this Resolution. Nothing herein shall prevent the Board from depositing or causing to be deposited to the credit of the Dormitory System Bond and Interest Sinking Fund Account of 1963 at any time Net Revenues of the Dormitory System or moneys legally available from any other source in excess of the requirements of this Section.

Section 504. The Board hereby covenants that at or before the close of each fiscal year beginning with the fiscal year following the fiscal year in which the debt service reserve requirement of Four Hundred Thirty-five Thousand Dollars ($435,000) set forth in Section 503 of this Article shall first have been met and after making the deposits to the credit of the Dormitory System Bond and Interest Sinking Fund Account of 1963 required by said Section 503, it will withdraw from the Dormitory System Revenue Fund Account of 1963 and deposit or cause to be deposited to the credit of the Dormitory System Repair and Replacement Reserve Account of 1963 the sum of Fifty-two Thousand Dollars ($52,000), or the lesser amount available therefor in the Dormitory System Revenue Fund Account of 1963 if $52,000 is not available, until the amount held for the credit of the Dormnitory System Repair and Replacement Reserve Account of 1963 shall aggregate Five Hundred Twenty Thousand Dollars ($520,000), and thereafter so much of any such balance, but not more than Fifty-two Thousand Dollars ($52,000) in any fiscal year, as shall be necessary so that the amount held for the credit of the Dormitory System Repair and Replacement Reserve Account of 1963 shall at all times be at least equal