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a transfer from the special reserve fund to the redemption fund <br />in the same amount. <br /> <br /> C. The amount maintained in the special reserve fund will <br />never exceed the least of: <br /> <br /> 1) 10% of the proceeds of the Series B bond issue; <br /> <br /> 2) maximum annual debt service on the Series B bonds; <br /> <br /> 3) 1.25 times the average annual debt service on the <br /> Series B bonds. <br /> <br />Proceeds of investment of the special reserve fund shall be <br />deposited in the investment earnings fund. <br /> <br /> D. When the amount in the special reserve fund equals or <br />exceeds the amount required to retire the remaining unmatured <br />bonds (whether by advance retirement or otherwise), the amount of <br />the special reserve fund shall be transferred to the redemption <br />fund, and the remaining installments of principal and interest <br />not yet due from assessed property o~ners shall be cancelled <br />without payment. <br /> <br /> Section 5.4. INVESTMENT EARNINGS FUND. Proceeds of the <br />investment of amounts in the improvement fund and the special <br />reserve fund will be deposited in the investment earnings fund. <br />As of September 2 of each year during the term of the bonds, the <br />Director of Finance shall determine whether any portion of <br />investment earnings must be rebated to the United States pursuant <br />to Section 148 of the United States Internal Revenue Code and <br />regulations adopted thereunder. Any amounts required to be <br />rebated will be transferred to the arbitrage rebate fund, and the <br />balance will be transferred as follows: <br /> <br /> 5 <br /> <br /> <br />