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(b) regardless of the reason. The Owner shall have the sole and <br />exclusive responsibility to cause the issuance and delivery of <br />the renewal Letter of Credit to avoid the request for and <br /> <br />receipt of funds pursuant <br /> <br /> 6. If the City <br />from the Bank pursuant to <br /> <br />to this subparagraph (b). <br /> <br />has requested and received payment <br />the Paragraph 5 (a), The City shall <br /> <br />use its best efforts to recover the amount of the payment <br />through Superior Court foreclosure procedures prescribed by the <br />1915 Act for the recovery of delinquent assessment instalments. <br />On recovery of any amount by the City through foreclosure, the <br />City shall refund that amount to the Bank, less interest expense <br />incurred by the City from advancement of funds to cover debt <br />service resulting from delinquent assessments and less <br />documented direct costs, including staff time; but the refund <br />shall not exceed the amount of outstanding payments by the Bank <br />under the Letter of Credit. 'The transmittal of the refund shall <br />be accompanied by instructions of the Finance Director-Treasurer <br />of the City that the refund should be deposited for the credit <br />of the Owner as a restoration of credit available to the City <br />under the Letter of Credit. <br /> <br /> 7. Any interest earned on money received by the City <br />and deposited in the redemption fund pursuant to paragraph 6 <br />shall be included in the amounts refunded to the Bank so as to <br />restore the Letter of Credit to the fullest extent possible. <br /> <br /> 8. Notwithstanding paragraph 6, if the City has made <br />advances to the redemption fund for the Bonds from the special <br />reserve fund, the City shall have no obligation to refund to the <br /> <br /> <br />