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Agent (the "Refunding Escrow Agreement"), to be held and invested <br />in accordance with the Refunding Escrow Agreement by such Escrow <br />Agent exclusively for the purpose of redeeming all outstanding <br />Original Bonds on September 2, 1993, or January 2, 1994 or <br />September 2, 1994, as the case may be, together with the payment <br />of the redemption premiums thereon and the accrued interest <br />thereon, and all such money shall be invested by the Escrow Agent <br />(as directed by the Finance Director) in Federal Securities (as <br />defined in the Act) maturing not later than September 2, 1993, or <br />January 2, 1994 or September 2, 1994, as the case may be; <br />provided, that after completion of said transfer any surplus <br />money remaining in said fund shall be deposited by the Finance <br />Director in the Redemption Fund. <br /> <br /> Section 11. (a) There is hereby created and <br />established a separate fund to be known as the "Limited <br />Obligation Refunding Bonds, City of Pleasanton, Consolidated <br />Reassessment District 1993-4, Series 1993-4 Reserve Fund," which <br />fund shall be kept by the Finance Director and shall constitute a <br />trust fund for the benefit of the registered owners of the <br />Refunding Bonds. At the time of the issuance of the Refunding <br />Bonds, the Finance Director shall deposit in said fund from the <br />proceeds of the sale of the Refunding Bonds a sum of money equal <br />to five per cent (5%) of the principal amount of the Refunding <br />Bonds, and all income resulting from the investment of money in <br />the Reserve Fund shall remain therein until the amount contained <br />therein is equal to an amount equal to the lesser of (1) ten <br />percent (10%) of the proceeds of the issue of the Refunding <br /> <br />SF~-18850.1 2 0 <br /> <br /> <br />