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Development Costs respectively, in the amounts stated in <br />paragraph 2, by checks drawn on the improvement fund for <br />Assessment District No. 1983-2 within one day after the sale and <br />delivery of improvement bonds of the assessment district. <br /> <br /> 4. CONVEYANCE OF TITLE. Title to the Improvements <br />shall vest in the City upon reimbursement of the Development <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. The Developers agree that acceptance of the <br />Improvements by the City may be deferred at the City's <br />discretion until construction of certain additional related <br />improvements within Hacienda and certification of completion by <br />the Director of Public Works of the City. <br /> <br /> 5. CONDITIONS PRECEDENT TO TRANSFER. The transfer <br />and acceptance of the Improvements and reimbursement of <br />Development Costs is conditional on the completion of special <br />assessment proceedings undertaken by the City as Assessment <br />District No. 1983-2 and the sale and delivery of improvement <br />bonds issued by the City pursuant to the Improvement Bond Act of <br />1915 in the principal amount of $45,775,000.00. The Developers <br />acknowledge that the completion of assessment proceedings is in <br />the discretion of the City Council of the City and is subject to <br />a public hearing process, and that this agreement in no way <br />shall affect or limit the discretion granted by law to the City <br />Council of the City in matters of special assessments. In the <br />event that this condition shall not have been met before July 1, <br />1983, this agFeement shall be void. <br /> <br /> <br />