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B. If any reassessment is prepaid before final <br />maturity of the bonds, the amount of principal which the <br />assessee is required to prepay shall be reduced by an amount <br />which is in the same ratio to the original amount of the special <br />reserve fund, together with accrued interest, as the original <br />amount of the prepaid reassessment bears to the total amount of <br />assessments originally levied in Meyer Center Refunding District <br />No. 1988-5. This reduction in the amount of principal prepaid <br />shall be balanced by a transfer from the special reserve fund to <br />the redemption fund in the same amount. <br /> <br /> C. Whenever required to prevent the reserve fund <br />from exceeding the reserve limitations set by federal statute <br />and regulation, the City Director of Finance is directed to <br />transfer accrued interest from the special reserve fund to the <br />redemption fund from time to time, and to establish pro ~ata <br />credits against annual installments of reassessment principal <br />and interest in the same amount in the year following the year. <br />of transfer. <br /> <br /> D. When the amount in the special reserve fund <br />equals or exceeds the amount required to retire the remaining <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 remaining installments of principal <br />and interest not yet due from assessed property owners shall be <br />cancelled without payment. <br /> <br /> Section 6. PAYMENT ON BONDS. The principal and <br />interest on the bonds shall be payable at Bank of America <br /> <br /> <br />