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principal and interest on said reassessments which are to be <br />collected in each year during the term of the Refunding Bonds; <br />and an annual installment of said reassessments shall be payable <br />and shall be collected in each year corresponding in amount to <br />the amount of Refunding Bonds unpaid and to accrue that year, <br />which amount shall be sufficient to pay the Refunding Bonds as <br />the same become due, and an annual installment of interest on <br />said reassessments shall be payable and shall be collected in <br />each year corresponding in amount to the amount of interest which <br />will accrue on the Refunding Bonds outstanding for such year, <br />which amount shall be sufficient to pay the interest thereon that <br />shall become due in the next succeeding March and September. The <br />annual proportion of said reassessments coming due in any year, <br />together with the annual interest on such reassessments, shall be <br />payable in the same manner and at the same time and in the same <br />installments as the general taxes on real property in the City <br />are payable, and said reassessment installments and said annual <br />interest on said reassessments shall be payable and become <br />delinquent on the same dates and in the same proportionate <br />amounts and bear the same proportionate penalties and interest <br />after delinquency as do general taxes on real property in the <br />City. <br /> <br /> This City Council hereby covenants with the registered <br />owners of the Refunding Bonds that, not later than October 1 in <br />each year, the City shall file an action in the Alameda County <br />Superior Court to foreclose the lien of any and all delinquent <br />reassessments if (1) the sum of uncured reassessment <br /> <br />SF2-~SS46.X 17 <br /> <br /> <br />