Laserfiche WebLink
final maturity of the bonds, the amount of principal which <br />the assessee is required to prepay shall be reduced by an <br />amount which is in the same ratio to the original amount of <br />the special reserve fund, together with accrued interest, <br />as the original amount of the prepaid assessment bears to <br />the total amount of assessments originally levied in <br />Assessment District 1982-2, Valley Business Park. The <br />reduction in the amount of principal prepaid shall be <br />compensated for by a transfer' from the special reserve fund <br />to the redemption fund for the bonds of a like amount. <br /> <br /> 5. In order to prevent the reserve fund from <br />exceeding the reserve limitations set by federal statute <br />and regulation, the Finance Officer is hereby authorized <br />and directed to make transfers of accrued interest from the <br />reserve fund to the bond redemption fund from time to time, <br />and to establish pro rata credits against annual <br />installments of assessment principal and interest in a like <br />amount in the year following the year of transfer. <br /> <br /> 6. When the amount in the special reserve fund <br />equals or exceeds the amount required to retire the <br />remaining unmatured bonds (whether by advance retirement or <br />otherwise), the amount of the special reserve fund shall be <br />transferred to the redemption fund for the bon~s, and the <br />remaining installments of principal and interest not yet <br />due from assessed property owners shall be cancelled <br />without payment. <br /> <br /> <br />