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RES 86330
City of Pleasanton
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RES 86330
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8/2/2012 2:29:32 PM
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12/15/1999 11:56:34 PM
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CITY CLERK
CITY CLERK - TYPE
RESOLUTIONS
DOCUMENT DATE
7/15/1986
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assessment installments was made from the special reserve fund. <br /> <br /> B. If any assessment is prepaid before final <br />maturity of the bonds, the amount of principal which the <br />assessee is reqmired 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 assessment bears to the total amount of <br />assessments originally levied in Valley Avenue Extension <br />Assessment District No. 1988-1. This reduction in the amount of <br />principal prepaid shall be balanced by a transfer from the <br />special reserve fund to the redemption fund in the same amount. <br /> <br /> C. Whenever required to prevent the reserve fund <br />from exceedin~ the reserve limitations set by federal statute <br />and regulation, the Director of Finance is directed to transfer <br />accrued interest from the special reserve fund to'the redemption <br />fund from time to time, and to establish pro rata credits <br />a~ainst annual installments of assessment principal and interest <br />in the same amount in the year followin~ the year of transfer. <br />From time to time, the City Council may authorize the Director <br />of Finance to transfer all or any portion of accrued interest on <br />investment Of the special reserve fund from that fund to the <br />redemption fund for the purpose of reducin~ annual installments <br />of assessment principal and interest or for the purpose of the <br />advanced retirement of bonds. <br /> <br /> D. When the amount in the special reserve fund <br />e~uals or exceeds the amount required to retire the remainin~ <br />unmatured bonds (whether by advance retirement or otherwise), <br /> <br /> <br />
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