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registrar. <br /> <br /> The paying agent shall assign to each bond <br />authenticated and registered hy it a distinctive letter, or <br />number, or letter and number, and shall maintain a record <br />thereof which shall he available to the City for inspection. <br /> <br /> ~. 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 <br />established five funds to he known as the improvement fund, the <br />redemption fund, the investment earnings fund, the excess <br />investment earnings fund and the special reserve fund, <br />respectively, for Assessment District No. 1986-9, North <br />Pleasanton Improvement District No. 3. <br /> <br /> Section B.1. IMPROVEMENT FUND. Except as provided in <br />Section B.3, proceeds of sale of the Series A bonds, together <br />with all amounts paid on the Series A assessments prior to bond <br />issuance, shall he deposited in the improvement fund to he <br />maintained hy the Director of Finance. Disbursements from the <br />improvement fund shall he made hy the Director of Finance in <br />accordance with the budget of estimated costs and expenses set <br />forth in the amended engineerrs report heretofore approved hy <br />the City Council, which report and budget are subject to <br />modification hy the City Council from time to time as prescribed <br />hy the Act. <br /> <br /> Section Bo~. REDEMPTION FUND. The redemption fund <br />shall he maintained hy the Director of Finance. All payments of <br />principal and interest installments on the assessments, together <br /> <br /> <br />