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in the same amount in the year followin~ the year of transfer. <br />The amounts deposited in the reserve fund will never exceed 10% <br />of the proceeds, and interest earnings on the reserve fund after <br />the reserve fund reaches said 10% maximum level will be <br />transferred to the redemption fund as set forth hereinabove. <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 reducing 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 />equals or exceeds the amount required to retire the remainin~ <br />urnmatured 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 /> ~. PAYMENT ON BONDS. The principal and <br /> interest on the bonds shall be payable at Bank of America <br /> National Trust and Savings Association, Corporate A~ency <br /> Division, P. O. Box 37000, San Francisco, California 9~13T. <br /> Principal and interest shall be paid by check, draft or warrant <br /> mailed to the registered owner of each bond at the owner's <br /> address appearin~ on the re~ister maintained by the registrar on <br /> the l~th day preceding the date of interest payment or maturity <br /> of each bond. <br /> <br /> <br />