SECTION 200:10-7-3. Debt service reserve

  As a condition to the issuance of an Insurance Commitment, the Administrator may compel any private sector applicant and any enterprise revenue public sector applicant to fund and maintain a reasonably required debt service reserve in connection with any revenue bond or other financial obligation issued by the ODFA for such applicant. This reserve will be invested only in cash or cash equivalents or in Eligible Investment Securities and will constitute additional security to assure the prompt payment of principal, interest and other obligations of the borrower. The funding of the reasonably required debt service reserve may be paid from the proceeds of the applicant's borrowing.