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the assessment district bond issue from the date of the bonds <br />until September 2, 1987 (estimated to be $1,427,894.00). <br />The parties acknowledge that the Construction Costs to <br />be reimbursed pursuant to this Agreement have been ascertained <br />from Owner's records and that the City has not conducted an <br />independent audit of these amounts. <br />3. REIMBURSEMENT. The City shall reimburse the <br />Construction Costs in the amount stated in paragraph 2, by check <br />drawn on the improvement fund for Assessment District No. 1986-8, <br />Hacienda Business Park - Phase II, upon acceptance of the <br />improvements by the City Council. <br />4. CONVEYANCE OF TITLE. Title to the Improvements <br />shall vest in the City upon reimbursement of the Construction <br />Costs as set forth in paragraph 2 and formal acceptance of the <br />dedication of the Improvements by resolution of the City Council <br />of the City. <br />5. CGNDITIONS PRECEDENT TO TRANSFER. The transfer and <br />acceptance of the Improvements and reimbursement of Construction <br />Costs is conditional on the completion of special assessment <br />proceedings undertaken by the City as Assessment District <br />No. 1986-8, Hacienda Business Park - Phase II, and the sale and <br />delivery of improvement bonds issued by the City pursuant to the <br />Improvement Bond Act of 1915 in the principal amount of <br />$25,413,470.00. The Owner acknowledges that the completion of <br />3 <br />