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The paying agent shall assign to each bond authenticated and <br />registered by it a distinctive letter, or number, or letter and <br />number, and shall maintain a record thereof which shall be available <br />to the City for inspection. <br /> <br /> Section 5. ESTABLISHMENT OF SPECIAL FUNDS. For <br />administering the proceeds of the sale of bonds and payment of <br />interest and principal on the bonds, there are hereby established <br />five funds to be known as the improvement fund, the redemption fund, <br />the special reserve fund, the investment earnings fund and the <br />arbitrage rebate fund, respectively, for Assessment District No. <br />1986-9, North Pleasanton Improvement District No. 3. <br /> <br /> Section 5.1. IMPROVEMENT FUND. Except as provided in <br />Section 5.3, proceeds of sale of the Series B bonds, together with <br />all amounts paid on the Series B assessments prior to bond issuance, <br />shall be deposited in the improvement fund to be maintained by the <br />Director of Finance. Disbursements from the improvement fund shall <br />be made by the Director of Finance in accordance with the budget of <br />estimated costs and expenses set forth in the amended engineer's <br />report heretofore approved by the City Council, which report and <br />budget are subject to modification by the City Council from time to <br />time as prescribed by the Act. <br /> <br /> Section 5.2. REDEMPTION FUND. The redemption fund shall be <br />maintained by the Director of Finance. All payments of principal <br />and interest installments on the assessments, together with <br />penalties, if any, shall be deposited in the redemption fund, which <br />shall be a trust fund for the benefit of the bondholders. Payment <br /> <br /> <br />