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No. 1986-9, North Pleasanton Improvement District No. 3. This <br />reduction in the amount of principal prepaid shall be balanced by <br />a transfer from the special reserve fund to the redemption fund <br />in the same amount. <br /> <br /> C. The amounts deposited in the reserve fund will never <br />exceed 10% of the proceeds of the bond issue. Proceeds of <br />investment of the special reserve fund shall be deposited in the <br />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 owners 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, the special <br />reserve fund and the redemption fund will be deposited in the <br />investment earnings fund. On July 1 of each year during the term <br />of the bonds (or at other times as may be required or permitted <br />by regulations of the United States Internal Revenue Service), <br />the 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 /> <br />5 <br /> <br /> <br />