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-26- <br />(b)There is hereby created the 2004 Bonds Refunding Fund (the "2004 Bonds <br />Refunding Fund") held by the Trustee in trust for the benefit of the Successor Agency. The <br />moneys in the 2004 Bonds Refunding Fund shall be maintained separate and apart from other <br />moneys of the Successor Agency. <br />The Trustee shall transfer all moneys on deposit in the 2004 Bonds Refunding Fund to <br />U.S. Bank National Association, as trustee of the 2004 Bonds, for deposit and application under <br />and pursuant to the 2004 Bonds Refunding Instructions. Upon making such transfer, the 2004 <br />Bonds Refunding Fund shall be closed. <br />Section 3.05. Issuance of Parity Debt. In addition to the 2014 Bonds, the Successor <br />Agency may issue or incur additional Parity Debt in such principal amount as shall be <br />determined by the Successor Agency. The Successor Agency may issue and deliver any Parity <br />Debt,subject to the limitations contained in Section 5.02;provided that (i) in the case of Parity <br />Debt issued as additional Bonds under a Supplemental Indenture, the amount on deposit in the <br />Reserve Account (and any subaccounts therein) shall be increased to the Reserve Requirement <br />taking into account the additional Bonds to be issued, and (ii) in the case of Parity Debt not <br />issued as additional Bonds under a Supplemental Indenture, the Parity Debt Instrument shall <br />state whether there shall bea reserve account established with respect to such Parity Debt, and <br />shall also set forth the amount, if any, to be deposited in such reserve accountas well as the <br />reserve requirement with respect to such Parity Debt. <br />Further, principal with respect to such Parity Debt will be required to be paid on <br />September 1 in any year in which such principal is payable; and <br />Section 3.06. Issuance of Subordinate Debt. The Successor Agency may issue or incur <br />Subordinate Debt in such principal amount as shall be determined by the Successor Agency. <br />Such Subordinate Debt may be payable from any assets or property of the Successor Agency, <br />including Tax Revenues on a subordinate basis to the payment of debt service on the Bonds.