Laserfiche WebLink
delinquencies for the preceding fiscal year (ending June 30) <br /> exceeds one percent (1%) of the reassessment installments posted <br /> to the tax roll for that fiscal year and (2) the amount then on <br /> deposit in either the Series A Reserve Account or the Series B <br /> Reserve Account is less than the applicable Reserve Requirement <br /> (as defined in the Trust Agreement). <br /> <br /> section 9- There is hereby created and established a <br />fund to be known as the "Limited Obligation Refunding Bonds, City <br />of Pleasanton, Consolidated Reassessment District 1993-4, Series <br />1993-4 Redemption Fund," which fund shall be kept by the Finance <br />Director and shall constitute a trust fund for the benefit of the <br />registered owners of the Refunding Bonds, and all sums received <br />by the Finance Director which are received from the collection of <br />said reassessments (except for those amounts allocable to <br />administrative expenses), and of the interest and penalties <br />thereon, and including amounts paid to the City on account of any <br />prior pay-off and discharge of a reassessment lien (whether in <br />whole or in part), shall upon receipt be deposited in Said fund. <br />At the time of the issuance of the Refunding Bonds, the City <br />shall deposit in the Redemption Fund from the proceeds of sale of <br />the Refunding Bonds the amount representing the accrued interest <br />received on the delivery of the Refunding Bonds, and all sums to <br />become due for the principal of and the interest on the Refunding <br />Bonds shall be withdrawn by the Finance Director from said fund <br />for use for the payment of the principal of and the interest on <br />the Refunding Bonds, and the Refunding Bonds and the interest <br />thereon shall not be paid out of any other funds. Any surplus <br /> <br />SF2-XSS50.~ 18 <br /> <br /> <br />