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District ("the District"). The Owner has consented to the levy <br />of special assessments upon its respective parcels, pursuant to <br />the Municipal Improvement Act of 1913 ("the 1913 Act", Sections <br />10000 and following, California Streets and Highways Code), and <br />has further consented to the issuance and delivery to Wulff, <br />Hansen & Co. , bond underwriter ("Wulff, Hansen") of improvement <br />bonds ("the Bonds") in the principal amount of $4,900,000.00 <br />pursuant to the Improvement Bond Act of 1915 ("the 1915 Act", <br /> <br /> following,.California Streets and Highways <br /> <br />Sections 8500 and <br /> <br />Code). <br /> <br /> C. The offer to purchase the Bonds from Wulff, Hansen <br />specifies a special reserve fund for the Bonds in the amount of <br />$196,000, equal to four percent (4%) of the principal amount of <br />the Bonds. The willingness of the City to accept a special <br />reserve fund in this amount and to sell the Bonds to Wulff, <br />Hartsen on these terms depends on the availability of <br />supplemental security, in addition to the special reserve fund, <br />in the form of a letter of credit ("the Letter of Credit") from <br />which to pay the principal of and interest on the Bonds if the <br />Owner or its successors are delinquent in the payment of <br />assessment instalments. <br /> <br /> D. The purpose of this agreement is to provide for <br />this Letter of Credit on terms acceptable to the parties. <br /> <br /> The parties therefore mutually agree as follows: <br /> <br /> AGREEMENT <br /> <br /> 1. The foregoing recitals are true. <br /> <br /> 2. As a condition precedent to delivery of the Bonds <br /> <br /> <br />