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payments to the Insurer with respect to the Insurance Policy, on any date due) in the following order of priority as and when necessary: (1) to pay the interest on the bonds then due - Debt Service Account; and (2) to pay the principal of the bonds then due at maturity or upon mandatory sinking fund redemption- Debt Service Account; and (3) to pay the Trustee's and Insurer's fees and expenses and other administrative charges then due - Expense Account; and (4) to redeem bonds prior to maturity -Redemption Account. In addition,moneys in the Expense Account in the Bond Fund shall be used to pay, when due, any arbitrage rebate under Section 148(f) of the Code. There shall be established and maintained in the Bond Fund a Debt Service Reserve Account in an amount equal to one-half of the maximum annual-debt service requirement on the bonds (based on a year ending February 1) (the "required level"). Moneys in the Debt Service Reserve Account shall be used to make the payments described in clauses (1) and (2) of(a) above if moneys in the Debt Service Account in the Bond Fund are not otherwise sufficient for that purpose. Moneys in the Debt Service Reserve Account over and above the required level shall be immediately transferred from the Debt Service Reserve Account into the Debt Service Account in the Bond Fund. Moneys in the Debt Service Reserve Account shall be used to make the final payment of principal of and interest on the bonds, whether at maturity or at redemption prior to maturity. The prior written consent of the Insurer is a condition precedent to the deposit of any credit instrument provided in lieu of a cash deposit into the Debt Service Reserve Account, if any (other than a municipal bond debt service reserve insurance policy issued by the Insurer). Amounts on deposit in the Debt Service Reserve Account shall be applied solely to the payment of debt service due on the bonds. The Bond Fund (excluding those moneys in the Debt Service Reserve Account) shall, except as provided in this Section, be depleted once a year except for a carryover amount not to exceed the greater of(i)one year's earnings on the Bond Fund or(ii) 1/12 of the annual debt service on the bonds. Any moneys in the Bond Fund shall, except as provided in this Section, be spent for one of the above purposes within a thirteen-month period beginning on the date of deposit, and any amount received from investment of money held in the Bond Fund will be spent within a one-year period beginning on the date of receipt. (b) When the moneys in the Bond Fund shall be and remain sufficient to pay (1) the principal of all the bonds then outstanding, (2) interest on the bonds until the next interest payment date, (3) the Trustee's fees and expenses and other" administrative charges, (4) any amounts due the Insurer with respect to the Insurance Policy and(5) all arbitrage rebate payments 20