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Section 5.3, proceeds of sale of the bonds, together with all <br />amounts paid on the assessments prior to bond issuance, shall be <br />deposited in the improvement fund to be maintained by the <br />Finance Director. Disbursements from the improvement fund shall <br />be made by the Finance Director in accordance with the budget of <br />estimated costs and expenses set forth in the engineer's report <br />heretofore approved hy the City Council, which report and budget <br />are subject to modification hy the City Council from time to <br />time as prescribed hy the Act. <br /> <br /> The Finance Director is authorized and directed to <br /> <br />transfer funded interest from the improvement fund to the <br />redemption fund as required to make interest payments on the <br />bonds on March 2, 1988, and September 2, 1988. <br /> <br /> Section 5.2. REDEMPTION FUND. The redemption fund <br /> <br />shall he maintained.by the Finance Director. All payments of <br />principal and interest installments on the assessments, together <br />with penalties, if any, shall he deposited in the redemption <br />fund, which shall he a trust fund for the benefit of the <br />bondholders. Payment of the bonds at maturity, or at redemption <br />prior to maturity, and all interest on the bonds shall he made <br />from the redemption fund. <br /> <br /> SectiOn 5.3. SPECIAL RESERVE FUND. The special <br /> <br />reserve fund shall he maintained hy the Finance Director. There <br />shall he deposited into the special reserve fund the amount of <br />$972,226.00 from the proceeds of the sale of bonds. The special <br />reserve fund shall-he administered as follows: <br /> <br /> A. During the term of the bonds, the amount in <br /> <br /> 3 <br /> <br /> <br />