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Section 5.3, proceeds of sale of the bonds, together with the <br /> redemption fund and special reserve fund for the outstanding <br /> bonds for North Pleasanton Fire Protection Assessment District <br /> No. 1982-8 shall be deposited with the Director of Finance of <br /> the City. Disbursements from the refunding fund shall be made <br /> in accordance with the Engineer's Report for these proceedings. <br /> <br /> Section 5.2. REDEMPTION FUN~. The redemption fund <br /> shall be maintained by the City Director of Finance. All <br /> payments of principal and interest installments on the <br /> reassessments, together with penalties, if any, shall be <br /> deposited in the redemption fund, which shall be a trust fund <br /> for the benefit of the bondholders. Payment of the bonds at <br /> maturity, or at redemption prior to maturity, and all interest <br /> on the bonds shall be made from the redemption fund. <br /> <br /> Section 5.3. SPECIAL RESERVE FUND. The special <br /> <br />.. reserve fund shall be maintained by the Director of Finance. <br /> There shall be deposited into the special reserve fund the <br /> amount of $255,800.00 from the proceeds of the sale of refunding <br /> bonds. The special reserve fundshall be administered as <br /> follows: <br /> <br /> A. During the term of the bonds, the amount in <br /> the special reserve fund shall be available for transfer into <br /> the redemption fund in accordance with Section 8808 of the <br /> Streets and Highways Code. The amount so advanoed shall be <br /> reimbursed to the special reserve fund from the proceeds of <br /> redemption or sale of the parcel for which payment of delinquent <br /> reassessment installments was made from the special reserve <br /> <br /> <br />