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<br />caused such Bonds to be "arbitrage bonds" within the meaning of Section <br />103(c) of the Internal Revenue Code of 1954, as amended, and applicable <br />regulations thereunder as the same may be amended from time to time, <br />and that the City will comply with the requirements of said Section <br />l03(c} and applicable regulations thereunder, as they apply to the <br />Bonds throughout the term thereof. <br /> <br />Section 18. Collection of Unpaid Assessments. The unpaid <br />assessments shown on the list of unpaid assessments filed with the <br />Treasurer, together with the interest thereon, shall remain and <br />constitute a trust fund for the redemption and payment of the principal <br />of the Bonds and for the interest due thereon, which unpaid assessments <br />shall be payable in annual series corresponding in number to the number <br />of serial maturities of the Bonds issued. An annual proportion of each <br />unpaid assessment shall be payable in each year preceding the date of <br />maturity of each of the several annual series of Bonds issued, <br />sufficient to pay the Bonds when due, and such proportion of each <br />unpaid assessment coming due in any year, together with the annual <br />interest thereon, shall be payable in the same manner and at the same <br />time and in the same installments as the general taxes of the City on <br />real property are payable, and become delinquent at the same times and <br />in the same proportionate amounts and bear the same proportionate <br />penalties and interest after delinquency as do the general taxes on <br />real property of the City. A record of the several installments of <br />principal and interest on said unpaid assessments which are to be <br />collected in each year during the term of the Bonds shall be kept in <br />the office of the County Controller. When the first interest payment <br />is for interest for a longer period than six months, the County <br />Controller shall enter the amount thereof in the column on the <br />assessment roll provided for the first installment and the balance in <br />the column on the assessment roll provided for the second installment. <br />Sums received from the collection of the principal of said unpaid <br />assessments and of the interest and penalties thereon shall be placed <br />in the Redemption Fund. Any sums collected to represent the costs of <br />such collection shall be apportioned in the manner provided therefor <br />and any sums collected which represent fees and charges imposed by the <br />City to provide for reimbursement of the expenses of its registration <br />system, pursuant to Section 15 hereof, shall be placed in the Bond <br />Administration Fund. <br /> <br />The provisions of Part 8 of the Act are applicable to the <br />collection of assessments. <br /> <br />Any unpaid assessment may be paid by depositing with the <br />Treasurer the total unpaid balance due on such assessment together with <br />the total interest which would become due thereon if paid in the <br />regular way. If the amount of the payme~t along with prepayments of <br />other assessments and other available monies in the Redemption Fund is <br />sufficient to provide surplus moneys with which to redeem an <br />outstanding Bond, the Treasurer shall then give the proper notice for <br />redeeming such Bond by advancing its maturity in accordance with the <br />provisions of Section 22 hereof, upon which redemption the person or <br /> <br />-10- <br />