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of the bonds at maturity, or at redemption prior to maturity, and <br />all interest on the bonds shall be made from the redemption fund. <br /> <br /> Section 5.3. SPECIAL RESERVE FUND. The special reserve fund <br />shall be maintained by the Director of Finance. There shall be <br />deposited into the special reserve fund the amount of $717,952.00 <br />(the "Reserve Requirement") from the proceeds of the sale of bonds. <br /> <br /> A. During the term of the bonds, the amount in the special <br />reserve fund shall be available for transfer into the redemption <br />fund in accordance with Section 8808 of the Streets and Highways <br />Code. The amount so advanced shall be reimbursed to the special <br />reserve fund from the proceeds of redemption or sale of the parcel <br />for which payment of delinquent assessment installments was made <br />from the special reserve fund. <br /> <br /> B. If any assessment is prepaid before final maturity of the <br />bonds, the amount of principal which the assessee is required to <br />prepay shall be reduced by an amount which is in the same ratio to <br />the original amount of the special reserve fund as the original <br />amount of the prepaid assessment bears to the total amount of <br />assessments originally levied in Assessment District No. 1986-9, <br />North Pleasanton Improvement District No. 3. This reduction in the <br />amount of principal prepaid shall be balanced by a transfer from the <br />special reserve fund to the redemption fund 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 /> <br />