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never 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 e~rnin~s fund. <br /> <br /> D. When the amount in the special reserve fund <br />equals or exceeds the amount required to retire the remainin~ <br />unmatured bonds (whether by advance retirement or otherwise), <br />the amount of the special reserve fund shall be transferred to <br />the redemption fund, and the remainin~ installments of principal <br />and interest not yet due from assessed property owners shall be <br />cancelled without payment. <br /> <br /> Section 8.4. INVESTMENT EARNINGS FUND, Proceeds of <br />the investment of amounts in the improvement £und, the special <br />reserve fund and the redemption fund will he deposited in the <br />investment earnings fund. On July 1 of each year durin~ the <br />term o£ the bonds (or at other times as may he required or <br />permitted by regulations of the United States Internal Revenue <br />Service), the Treasurer shall determine whether any portion of <br />investment earnings must he rebated to the United States <br />pursuant to Section 1~8 of the United States Internal Revenue <br />Code and regulations adopted thereunder. Any amounts required <br />to he rebated will he transferred to the excess investment <br />earnings fund. The halante will be transferred to the reserve <br />fund, provided that the transfer will not cause the reserve fund <br />to exceed 10% of the proceeds of the bond issue; otherwise the <br />halante will he transferred to the redemption fund to he applied <br />as credit a~ainst the next installment of principal and interest <br />posted to the tax roll. <br /> <br /> <br />