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. be made to the Reserve Account if necessary, in order to cause the amount on deposit therein to equal the Reserve Requirement. Moneys in the Reserve Account shall be transferred to the Interest Account or Principal Account to pay interest on and principal of the Bonds either (i) as it becomes due to the extent Tax Revenues are insufficient therefor or (ii) at the final maturity of the Bonds. Any portion of the Reserve Account which is in excess of the Reserve Requirement shall be transferred at least semiannually to the Interest Account. . (d) Surplus. It is the intent of this Resolution: (i) that the deposits in subparagraphs (a) and (b) above to the Interest Account and the Principal Account, respectively, shall be made as scheduled, and (ii) that the deposits in subparagraph (c) above to the Reserve Account shall be made as necessary to maintain a balance equal to the Reserve Requirement, if and only if the Tax Revenues are sufficient therefor. Failure to make the required deposits into the Reserve Account, as specified in subparagraph (c) above, shall not be an event of default if, and only if, the Tax Revenues are insufficient therefor. Should it be necessary to defer all or part of any deposits referred to in subparagraph (c) above, such deferred deposits shall be cumulative and shall be made when the Tax Revenues are sufficient to make the deposits required by subparagraphs (a) and (b) and thereafter make the deposits required by subparagraph (c). . If: (i) the above transfers have been made so that the required amounts as of that time are in the above mentioned Accounts, and (ii) the Tax Revenues to be received by the Agency on or before June 30 of each year, based upon the most recent assessed valuation of taxable property in the Redevelopment Project Area, furnished by the appropriate officer of the County of Orange are at least equal to 1.25 times the Maximum Annual Debt Service on all Bonds, Parity Bonds and any loans, advances or indebtedness payable from Tax Revenues on a parity with the Bonds pursuant to Section 33670 of the Law, as shown by the certificate or opinion of an Independent Financial Consultant employed by the Agency, and (iii) there has been no material change in the status of the Redevelopment Project which in the opinion of an Independent Redevelopment Consultant, said opinion having been filed with the Fiscal Agent, would be likely to result in diminution of increment in the succeeding fiscal year, any balances in the Special Fund may be used and applied by the Agency for any lawful purpose, including without limitation, the purchase and/or call and redemption of Bonds and Parity Bonds; provided, however, any balance in, the Special Fund shall be used to call and redeem Bonds at the next available call date pursuant to Section 11(B), 0715p/2281/04 -l5-