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redemption fund and special reserve fund for the outstanding <br />bonds for Assessment District No. 82-3, Meyer Center, shall be <br />deposited with the Director of Finance of the City. <br />Disbursements from the refunding fund shall be made in <br />accordance with the Reassessment Report for these proceedings. <br /> <br /> Section 5.2. REDEMPTION FUND. The redemption fund <br />shall be maintained by the City Director of Finance. All <br />payments of principal and interest installments on the <br />reassessments, together with penalties, if any, shall be <br />deposited in the redemption fund, which shall be a trust fund <br />for the benefit of the bondholders. Payment of the bonds at <br />maturity, or at redemption prior to maturity, and all interest <br />on the bonds shall be made from the redemption fund. <br /> <br /> Section 5,3. SPECIAL RESERVE FUND. The special <br />reserve fund shall be maintained by the Director of Finance. <br />There shall be deposited into the special reserve fund the <br />amount of $380,000.00 from the proceeds of the sale of refunding <br />bonds. The special ~eserve fund shall be administered as <br />follows: <br /> <br /> A. During the term of the bonds, ~he amount in <br /> the special reserve fund shall be available for transfer into <br /> the redemption fund in accordance with Section 8808 of the <br /> Streets and Highways Code. The amount so advanced shall be <br /> reimbursed to the special reserve fund from the proceeds of <br /> redemption or sale of the parcel for which payment of delinquent <br /> reassessment installments was made from the special reserve <br /> fund. <br /> <br /> <br />