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1.1321. The maturity date or the date fixed for <br />redemption shall have passed; or <br />1.1322. Neither the maturity date nor the date <br />fixed for redemption shall have passed but cash funds <br />shall have been so deposited irrevocably and arrange- <br />ments shall have been made with such paying agent to <br />assure payment of all fees and expenses of each paying <br />agent and any bond registrar to become due on and prior <br />to the maturity or redemption date, with no funds to be <br />invested for a period longer than ten years nor in any <br />investments but permitted investments (other than obli- <br />gations of the State of Florida or political subdivisions <br />thereof) maturing and bearing interest in such amounts and <br />at such times as will assure sufficient cash to pay cur- <br />rently maturing interest and to pay principal and redemption <br />premiums, if any, when due, without rendering the interest <br />on such obligations taxable under the Internal Revenue <br />Code of the United States. <br />1.14. "Reserve amount" means an amount of money equal <br />to the highest future principal and interest requirement of all <br />outstanding Bonds and Parity Bonds to fall due in any calendar <br />year, including and subsequent to the year in which falls the <br />date of computation. <br />1.15. "Revenues" and "gross revenues" mean all income <br />and revenue of any nature derived from the operation of the System <br />-7- <br />