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There shall he deposited into the special reserve fund the <br />amount of $~,179,900.00 from the proceeds of the sale of bonds. <br />The specia~ reserve fund shall be administered as follows: <br /> <br /> A. Durin~ the term of the bonds, the 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 />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 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 assessment bears to the total amount of <br />assessments originally levied in Assessment District No. 1986-7, <br />North Pleasanton Improvement District No. 2. This reduction in <br />the amount of principal prepaid shall be balanced by a transfer <br />from the special reserve fund to the redemption fund in the same <br />amount. <br /> <br /> C. Whenever required to prevent the reserve fund <br />from exoeedin~ 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 />against annual installments of assessment principal and interest <br /> <br /> <br />