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in the proceedings for the Refunding Bonds multiplied by the <br /> reduction in said reassessments. <br /> <br /> (iii) Whenever the balance in the Reserve Fund is <br /> sufficient to retire all the remaining outstanding Refunding <br /> Bonds, the Finance Director shall transfer the balance in <br /> the Reserve Fund to the Redemption Fund, and the City shall <br /> cease the collection of the unpaid reassessments; in such <br /> case, the City shall credit such balance against the unpaid <br /> reassessments in the manner set forth in the Act, with the <br /> amount apportioned to each unpaid reassessment credited <br /> against the last unpaid reassessment installment; and if the <br /> amount apportioned to each parcel exceeds the amount of said <br /> last installment, then such excess shall be credited against <br /> the next preceding unpaid reassessment installment or <br /> installments until exhausted. In the event that the balance <br /> in the Reserve Fund at the time of such transfer exceeds the <br /> amount required to retire all outstanding Refunding Bonds, <br /> then such excess shall be apportioned by the City .to each <br /> parcel upon which an individual reassessment remained unpaid <br /> at the time the balance in the Reserve Fund was sufficient <br /> to retire all outstanding Refunding Bonds, and such payments <br /> shall be made by the City in cash to the respective owners <br /> of the parcels, except that if such excess is not greater <br /> than one thousand dollars ($1,000), such excess may be <br /> transferred to the general fund of the City. <br /> <br />(b) Notwithstanding the provisions of subsection'(a). <br />of this Section 11, for the period during which the Authority is <br /> <br />sF2-~ss46.t 2 2 <br /> <br /> <br />