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approved by Ordinance No. NS -1637 enacted by the City Council of the City on July 6, 1982; the South Harbor Boulevard/Fairview Street Redevelopment Project, approved by Ordinance No, NS -1639 enacted by the City Council of the City on July 6, 1982; and the South Main Street Redevelopment Project, approved by Ordinance No. NS -1639 enacted by the City Council of the City on July 6, 1982; in each case together with any amendments duly authorized pursuant to the Redevelopment Law. "Qualified Reserve Account Credit Instrument" shall mean (i) the 2018 Reserve Policy or (ii) an irrevocable standby or direct -pay letter of credit or surety bond issued by a commercial bank or insurance company and deposited with the Trustee pursuant to Section 5.03(d) provided that all of the following requirements are met by the Agency at the time of delivery thereof to the Trustee: (a) S&P or Moody's has assigned a long-term credit rating to such bank or insurance company of "A" (without regard to modifier) or higher; (b) such letter of credit or surety bond has a term of at least twelve (12) months; (c) such letter of credit or surety bond has a stated amount at least equal to the portion of the Reserve Account Requirement with respect to which funds are proposed to be released pursuant to Section 5.03(d); (d) the Trustee is authorized pursuant to the terms of such letter of credit or surety bond to draw thereunder an amount equal to any deficiencies which may exist from time to time in the Interest Account, the Principal Account or the Term Bonds Sinking Account for the purpose of making payments required pursuant to Section 5.03(d); and (e) prior written notice is given to the Trustee before the effective date of any such Qualified Reserve Account Credit Instrument. "Rebate Fund" shall mean the Rebate Fund established pursuant to Section 6.11 hereof. "Rebate Instructions" shall mean those calculations and directions required to be delivered to the Trustee by the Agency pursuant to the Tax Certificate. "Rebate Requirement" shall mean the Rebate Requirement defined in the Tax Certificate. "Recognized Obligation Payment Schedule" or "ROPS" shall mean a Recognized Obligation Payment Schedule, setting forth the minimum payment amounts and due dates of payments required by enforceable obligations for each fiscal year as provided in subdivision (o) of Section 34177 of the Dissolution Act, each prepared and approved from time to time pursuant to the Dissolution Act. "Redevelopment Obligation Retirement Fund" shall mean the fund by that name established pursuant to Section 34170.5(a) of the Law and administered by the Agency. "Redevelopment Plan" shall mean the [Amended and Restated Redevelopment Plan for the Santa Ana Merged Redevelopment Project Area], together with any amendments to such redevelopment plan duly authorized pursuant to the Law. "Redevelopment Property Tax Trust Fund" shall mean the fund by that name established pursuant to Section 34170.5(b) of the Law and administered by the County Auditor - Controller. "Refunded Bonds" shall have the meaning set forth in the whereas clauses above. 4150-2542-5420.3 12 40990-25 SA -3-30