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amounts paid on the assessments pFior to bond issuance, shall he <br />deposited in the improvement fund to be maintained hy the <br />Director of Finance. Disbursements from the improvement fund <br />shall he made hy the Director of Finance in accordance with the <br />budget of estimated costs and expenses set forth in the <br />en~ineer's report heretofore approved hy the City Council, which <br />report and budget are subject to modification hy the Council <br />from time to time as presoribed hy the Act. <br /> <br /> Section 5.2. ~EDEMPTION FUND. The redemption fund <br /> <br />shall he maintained hy the Director of Finance. All payments of <br />principal and interest installments on the assessments, together <br />with penalties, if any, shall he deposited in the redemption <br />fund, which shall he a trust fund for the benefit of the <br />bondholders. .Payment of the bonds at maturity, or at rFdemption <br />prior to maturity, and all interest on the bonds Shall he made <br />from the redemption fund. <br /> <br /> ~?~O/k~. SPECIAL RESERVE FUND. The special <br /> <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 $134,841.00 from the proceeds of the sale of bonds. <br />The special reserve fund shall be administered as follows: <br /> <br /> A. DurinE the term of the bonds, the amount in <br /> <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 /> <br /> <br />