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