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amount of principal prepaid shall be balanced by a transfer from the <br /> special reserve fund to the redemption fund in the same amount. <br /> <br /> C. Whenever required to prevent the reserve fund from <br />exceeding the reserve limitations set by federal statute and <br />regulation, the Director of Finance is directed to transfer accrued <br />interest from the special reserve fund to the redemption fund from <br />time to time, and to establish pro rata credits against annual <br />installments of assessment principal and interest in the same amount <br />in the year following the year of transfer. <br /> <br /> D. When the amount in the special reserve fund equals <br />or exceeds the amount required to retire the remaining unmatured <br />bonds (whether by advance retirement or otherwise), the amount of <br />the special reserve fund shall be transferred to the redemption <br />fund, and the remaining installments of principal and interest not <br />yet due from assessed property owners shall be cancelled without <br />payment. <br /> <br /> Section 6. PAYMENT ON BONDS. The principal and interest <br />on the bonds shall be payable at Bank of America National Trust and <br />Savings Association, San Francisco, California. Principal and <br />interest shall be paid by check, draft or warrant mailed to the <br />registered owner of each bond at the owner's address appearing on <br />the register maintained by the registrar on the 15th day preceding <br />the date of interest payment or maturity of each bond. <br /> <br /> Section 7. REREGISTRATION. Any bond may be registered to <br />a new owner by completing the assignment certificate on the reverse <br />of the bond and delivering the bond to the registrar. Upon <br />reregistration, any bond may be replaced by one or more bonds of the <br /> <br /> <br />