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<br />e <br /> <br />. <br /> <br />the Participants under the Water Sales Contracts <br />(the "Sale of Water"), an amount equal to such <br />interest payment due on the Bonds, (ii) on or <br />before the 25th day of each month occurring ,after <br />the Sale of Water but prior to the first interest <br />payment date to occur after the Sale of Water, an <br />amount which is not less than a fraction of the <br />next interest payment due on the Bonds, such <br />fraction to have a numerator of one and a denomi- <br />nator equal to the number of monthly deposits to <br />be made pursuant to this Section 7.03(a) (ii), and <br />(iii) on or before the 25th day of each month <br />thereafter, an amount which is not less than <br />one-sixth (1/6) of the next interest payment due <br />on the Bonds; and <br /> <br />(b) On or before the 25th day of December, <br />1990, and on or before the 25th day of each month <br />thereafter, an amount which is not less than <br />one-twelfth (1/12th) of the principal of the Bonds <br />maturing on the next December 1; .provided, <br />however, such deposits shall be reduced by any <br />amount already on deposit in the Bond Fund that <br />is, by virtue of this Resolution, to be applied to <br />the payment of debt service on the Bonds. Amounts <br />in the Bond Fund shall be used to pay the <br />principal of, premium, if any, and interest on, <br />the Bonds and any Additional Bonds, as such <br />principal matures and such interest becomes due. <br />In no event shall any amount in excess of the <br />amounts stated above be placed in the Bond Fund <br />for the payment of the principal of, premium, if <br />any, or interest on the Bonds and Additional <br />Bonds, if any, and any amount so placed may be <br />withdrawn by the Authority and replaced in the <br />Revenue Fund. <br /> <br />7.04. Reserve Fund. There shall be deposited <br />into the Reserve Fund on or before the 25th day of each <br />month occurring after the Sale of Water, an amount not less <br />than one sixtieth (1/60) of the average annual principal and <br />interest requirements on the Bonds, to the end that there <br />shall be accumulated in the Reserve Fund within sixty-one <br />(61) months from the date of delivery of the Bonds an amount <br />not less than the average annual principal and interest <br />requirements for the Bonds; provided, however, that (i) on <br />each debt service payment date (other than the penultimate <br />debt service payment date) when the Reserve Fund Amount de- <br />creases, the amount in the Reserve Fund on such date (after <br /> <br />038DESAJ/024C02 <br /> <br />-20- <br />