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California. <br /> <br /> Section 5.1. IMPROVEMENT FUND. Except as provided in <br />Section 5.3, proceeds of sale of the bonds, together with all <br />amounts paid on the assessments prior to bond issuance, shall be <br />deposited in the improvement fund to be maintained by the Director <br />of Finance. Disbursements from the improvement fund shall be made <br />by the Director of Finance in accordance with the budget of <br />estimated costs and expenses set forth in the engineer's report <br />heretofore approved by the City Council, which report and budget are <br />subject to modification by the City Council from time to time as <br />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 />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 $96,555.09 <br />(the "Reserve Requirement") from the proceeds of the sale of bonds. <br />The special reserve fund shall be administered as follows: <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 /> <br /> 3 <br /> <br /> <br />