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together with any surplus funds of the City not required for lawful municipal <br />obligations. This duty of the City is continuing during the period of <br />delinquency, until reinstatement, redemption or sale of the delinquent <br />property. There is no assurance that funds will be available for this purpose <br />and if, during the period of delinquency, there are insufficient available <br />funds, a delay may occur in payments to the owners of the Bonds. A Reserve <br />Fund in the amount of six percent (6%) of the amount of Bonds issued will be <br />established from Bond proceeds. The Reserve Fund will be a source of <br />available funds to advance to the Redemption Fund in the event of delinquent <br />assessment installments. Additionally, the City has covenanted to commence <br />court foreclosure proceedings within 150 days following the date of a <br />delinquency and, to prosecute diligently to completion the foreclosure of each <br />and every delinquent assessment installment. <br /> <br /> Property taxes for all assessed parcels in the District are paid current <br />through and inclusive of the first tax installment for 1983/84. <br /> <br /> This Introduction does not purport to describe in detail all pertinent <br />matters relating to the Bonds, the Improvement Project, the District, the <br />Appraisal or the Proposed Development and Property Ownership. Reference is <br />hereby made to the entire Offering Memorandum including the section herein <br />entitled "Bondowners Risks" for further information in connection herewith. <br /> <br />-10- <br /> <br /> <br />