Laserfiche WebLink
payment. <br /> <br /> Section 5.4. INVESTMENT EARNINGS FUND. Proceeds of the <br />investment of amounts in the improvement fund, the special reserve <br />fund and the redemption fund will be deposited in the investment <br />earnings fund. On July i of each year during the term of the bonds <br />(or at other times as may be required or permitted by regulations of <br />the United States Internal Revenue Service), the Director of Finance <br />shall determine whether any portion of investment earnings must be <br />rebated to the United States pursuant to Section 148 of the United <br />States Internal Revenue Code and regulations adopted thereunder. <br /> <br />Any amounts required to be rebated will be transferred to the excess <br />investment earnings fund, and the balance will be transferred to the <br />improvement fund (or, upon completion of the improvement, to the <br />redemption fund to be applied as credit to the next installment of <br />principal and interest collected from owners of assessed land). <br /> <br /> The Director of Finance is authorized to retain <br />independent attorneys, accountants and other consultants to assist <br />in complying with Federal requirements. <br /> <br /> Section 5.5. EXCESS INVESTMENT EARNINGS FUND. Amounts in <br />the excess investment earnings fund shall be invested in the same <br />manner as amounts in the other funds and shall be held in trust for <br />rebate to the United States at the times required by Section 148 of <br />the United States Internal Rev.enue Code and regulations adopted <br />thereunder. <br /> <br /> Section 6. PAYMENT ON BONDS. The principal and interest <br />on the bonds shall be payable at the office of the Bank of America <br /> <br /> 5 <br /> <br /> <br />