Laserfiche WebLink
Section 5.1. REFUNDING FUND. Except as provided in <br />Section 5.3, proceeds of sale of the bonds, together with the <br />redemption fund and special reserve fund for the outstanding bonds <br />for Assessment District No. 1982-1, Dublin Canyon Road <br />Improvements, City of Pleasanton, Alameda County, California, shall <br />be deposited in the refunding fund to be maintained by the Director <br />of Finance. Disbursements from the refunding fund shall be made by <br />the Director of Finance in accordance with the budget of estimated <br />costs and expenses set forth in the reassessment report heretofore <br />approved by the City Council, which report and budget are subject <br />to modification by the City Council from time to time as prescribed <br />by the Act. Any surplus remaining in the refunding fund after the <br />retirement of all bonds of the refunded issue shall be transferred <br /> <br />to the reserve fund. <br /> <br />Section 5.2. REDEMPTION FUND. <br />be maintained by the Director of Finance. <br /> <br />The redemption fund shall <br /> <br />Ail payments of <br /> <br />principal and interest installments on the reassessments, together <br />with penalties, if any, shall be deposited in the redemption fund, <br />which shall be a trust fund for the benefit of the bondholders. <br />Payment of the bonds at maturity, or at redemption before maturity, <br />and all interest on the bonds shall be made from the redemption <br />fund. <br /> <br /> Section 5.3. SPECIAL RESERVE FUND. The special reserve <br />fund shall be maintained by the Director of Finance. There shall <br />be deposited into the special reserve fund the amount of $62,400.00 <br />(the "Reserve Requirement") from the proceeds of the sale of bonds. <br /> <br /> <br />