Laserfiche WebLink
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 isprepaid 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 North Pleasanton Improvement <br />District No. 1982-4. This reduction in the amount of principal <br />prepaid shall be balanced by a transfer from the special reserve <br />fund to the redemption fund in the same amount. <br /> <br /> C. Whenever required to prevent the reserve fund <br />from exceeding the reserve limitations set by federal statute <br />and regulation, the Finance Director 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 />in the same amount in the year following the year of transfer. <br /> <br /> D. When the amount in the special reserve fund <br />equals or exceeds the amount required to retire the remaining <br />urn~atured bonds (whether by advance retirement or otherwise), <br />the amount of the special reserve fund shall be transferred to <br /> <br /> <br />