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rebated will be transferred to the arbitrage rebate fund, and the <br /> balance will be transferred as follows: <br /> <br /> (a) To the extent that the balance in the special reserve <br />fund is less than the Reserve Requirement, a transfer will be <br />made from the investment earnings fund to the special reserve <br />fund. <br /> <br /> (b) The remaining balance in the investment earnings fund, <br />if any, will be transferred to the improvement fund until the <br />improvement is completed and the improvement fund is closed; <br />thereafter the balance in the investment earnings fund will be <br />transferred to the redemption fund to be used, in the discretion <br />of the Director of Finance, as a credit upon the annual <br />installments of assessment or for the advance retirement of <br />bonds. <br /> <br /> The Director of Finance is authorized to retain independent <br />attorneys, accountants and other consultants to assist in <br />complying with Federal requirements. <br /> <br /> Section 5.5. ARBITRAGE REBATE FUND. Amounts in the <br />arbitrage rebate fund shall be invested in the same manner as <br />amounts in the other funds and shall be held in trust for rebate <br />to the United States at the times required by Section 148 of the <br />United States Internal Revenue Code and regulations adopted <br />thereunder. <br /> <br /> Section 6. PAYMENT ON BONDS. The principal and interest on <br />the bonds shall be payable at the office of the Bank of America <br />National Trust and Savings Association, P. O. Box 37000, San <br /> <br />6 <br /> <br /> <br />