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the reason. The Owner shall have the sole and exclusive <br />responsibility to cause the issuance and delivery of the renewal <br />Letter of Credit to avoid the request for and receipt of funds <br />pursuant to this paragraph. <br /> <br /> 6. If the Owner or any successor Owner is delinquent <br />in the payment of any assessment installment for any parcel, the <br />City shall take the actions set forth in this paragraph. (As <br />used herein, "delinquency" includes the disgorgement of any <br />previously paid assessment installment as a result of action <br />under Federal Bankruptcy Law.) <br /> <br />a) Upon being notified of any delinquency, the <br />City Finance Director-Treasurer shall notify the Owner by first <br /> <br />class mail, postage prepaid, of the <br /> <br /> b) If, within 15 days <br />notice required by subparagraph a), <br /> <br />fact of the delinquency. <br />after the mailing of the <br />the Owner shall have failed <br /> <br />to advance to the City the amount of the noticed delinquency, <br />then <br /> <br /> (1) The City Finance Director-Treasurer shall transfer to <br /> the redemption fund for the bonds from the bond <br /> reserve fund the amount of the delinquency; <br /> <br /> (2) If the balance in the bond reserve fund is <br /> insufficient to make the transfer, the City Finance <br /> Director-Treasurer shall draw upon the Letter of <br /> <br /> Credit to the extent required to make the transfer <br /> ,by furnishing to the issuing bank a certificate <br /> <br /> substantially in the form set forth in Part A of the <br /> Letter of Credit. The request shall be the only <br /> <br /> <br />