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9.02. Operating Account. There shall be credited to the Operating Account all Gross <br /> Revenues as received. There shall be paid from the Operating Account when due all reasonable, <br /> necessary, and current Operating Expenses of the Electric System. All money on hand in the <br /> Operating Account as of the first day of each month in excess of the sum of (i) Operating <br /> Expenses then due and payable and to become due and payable during such calendar month,plus <br /> (ii) the Operating Reserve Requirement, shall constitute Net Revenues and shall be credited to <br /> other accounts in the Electric Fund as provided in Sections 9.03,9.04, 9.05 and 9.06. <br /> 9.03. Debt Service Account. Upon delivery of the Series 2014A Bonds, the <br /> Commission shall credit to the Debt Service Account, from the proceeds of the Series 2014A <br /> Bonds, the accrued interest, if any, received from the Purchaser of the Series 2014A Bonds. As <br /> of the first day of each month there shall be credited to the Debt Service Account out of the Net <br /> Revenues on hand in the Operating Account an amount equal to not less than 1/6 of the interest <br /> due within the next six months on all Outstanding Bonds and 1/12 of the principal due within the <br /> next 12 months on all Outstanding Bonds; provided that the Commission shall be entitled to <br /> reduce a monthly apportionment by the amount of any surplus previously credited and then on <br /> hand in the Debt Service Account. Money on hand in the Debt Service Account shall be <br /> disbursed only to pay principal of and interest on the Outstanding Bonds when due;provided that <br /> on any date when the amount then on hand in the Debt Service Account plus the amount in the <br /> Reserve Account allocable to a series of Bonds, is sufficient with other money available for the <br /> purpose to pay or discharge all Bonds of that series and the interest accrued thereon in full, it <br /> may be used for that purpose. If any payment of principal of or interest on the Outstanding <br /> Bonds becomes due when money in the Debt Service Account is temporarily insufficient <br /> therefor, an amount equal to such deficiency shall be transferred thereto from the Reserve <br /> Account or the Repair and Replacement Account, in that order. <br /> 9.04. Reserve Account. Upon delivery of the Series 2014A Bonds the Commission <br /> shall credit to the Reserve Account from available funds on hand, the sum of$ _. If the <br /> balance in the Reserve Account is ever less than the applicable Reserve Requirement, as of the <br /> first day of each month all Net Revenues in the Operating Account remaining after the required <br /> credit to the Debt Service Account shall be credited to the Reserve Account until the balance <br /> therein equals the Reserve Requirement. If the balance in the Reserve Account has not been <br /> restored to the Reserve Requirement from transfers of Net Revenues within six months of the <br /> deficiency, the Commission shall transfer to the Reserve Account from the Repair and <br /> Replacement Account, an amount sufficient to restore the balance therein to the Reserve <br /> Requirement. <br /> If, on any date on which principal or interest is due on the Outstanding Bonds, the <br /> balance then on hand in the Debt Service Account is not sufficient to pay such principal and <br /> interest in full, the Commission shall immediately transfer from the Reserve Account to the Debt <br /> Service Account an amount equal to such deficiency. <br /> If any Additional Bonds are issued, the Commission shall, upon issuance of the <br /> Additional Bonds, increase the balance in the Reserve Fund to the Reserve Requirement, <br /> calculated after giving effect to the issuance of such Additional Bonds. <br /> 19 <br /> 43808Iv3 JSB EL185-25 <br />