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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 />D. When the amount in the special reserve fund <br />equals or exceeds the amount required to retire the remaining <br />unmatured 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 />Section 6. PAYMENT ON BONDS. The principal and <br />interest on the bonds shall be payable at the office of the Bank <br />of America National Trust and Savings Association, Corporate <br />Agency Division, P. 0. Box 37000, San Francisco, California <br />94137. Principal and interest shall be paid by check, draft or <br />warrant mailed to the registered owner of each bond at the <br />owner's address appearing on the register maintained by the <br />registrar on the 15th day preceding the date of interest payment <br />or maturity of each bond. <br />Section 7. REREGISTRATION. Any bond may be <br />registered to a new owner by completing the assignment <br />certificate on the reverse of the bond and delivering the bond <br />to the registrar. Upon reregistration, any bond may be replaced <br />by one or more bonds of the same maturity and aggregate amount <br />in denominations of $5000 or any integral multiple thereof. <br />Section 8. COVENANTS. In the event of a default in <br />the payment of any bond or any installment of interest thereon, <br />5 <br />