Res85 10102 - Laserfiche WebLink

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of redemption or sale of the parcel for which payment of delinquent installments was made from the Reserve Fund. (b) Any unpaid assessment which is paid in cash prior to its final maturity date pursuant to the provisions of the Act for the advance payment of assessments shall be proportionately reduced by an amount equal to the ratio of the total amount initially provided for the Reserve Fund to the total amount originally assessed in the proceedings for the Bonds, and an amount equal to the reduction in said assessment shall be transferred from the Reserve Fund to the Redemption Fund. (c) Any income realized from the investment of monies in the Reserve Fund which would cause the foregoing limitations to be exceeded shall be placed in the Redemption Fund and credited in the manner set forth in Section 10427.1 of the Streets and Highways Code of the State of California upon the remaining unpaid assessments; provided that, in order to comply with current federal regulations, any excess that cannot be credited to such unpaid assessments and expended within thirteen (13) months from the date of deposit in the Redemption Fund (except for a reasonable carryover amount not to exceed the greater of one year's earnings on the Redemption Fund or one-twelfth of annual debt service of the Bonds) shall be applied to the advance retirement of the Bonds in the manner provided in the Act and in Section 21 hereof. Administration of the Reserve Fund shall comply with federal regulations. (d) Whenever the balance in the Reserve Fund is sufficient to retire all the remaining outstanding Bonds, including accrued interest and redemption premium, if any, collection of the principal and interest on the unpaid assessments shall be discontinued and the Reserve Fund shall be liquidated in retirement of the Bonds. The Council shall order the same to be credited against the remaining unpaid assessments in the manner set forth in Section 10427.1 of said Streets and Highways Code, and the amount apportioned to each such unpaid assessment shall be credited against the last unpaid assessment installment, and, if the amount apportioned to each such parcel exceeds the amount of said last installment, then such excess shall be credited against the next preceding unpaid assessment installment or installments until exhausted. In the event that the balance in the Reserve Fund at the time of liquidation exceeds the amount required to retire all outstanding Bonds, the excess shall be apportioned to each parcel upon which the individual assessment remained unpaid at the time the balance in the Reserve Fund was sufficient to retire all outstanding Bonds. The payments shall be made in cash to the respective owners of the parcels except that, if the excess is not greater than one thousand dollars ($1,000), the excess may be transferred to the general fund of the City. Section 14. Bond A(l... .istration Fund. Any amount included as a Project cost in the aforementioned proceedings to reimburse the City for its expenses in ~dministering and maintaining its registration -8-