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persons paying the assessment or assessments shall be entitled to a proportionate credit and reimbursement for the par value of any interest thereon which shall be canceled but not paid less any accrued interest paid thereon and less the premium paid on the Bond, and less any costs incurred for administering the retirement of the Bond. Section 19. Advances from Available Surplus Funds. In the event of a delinquency in the payment of any installment of the assessment levied upon any property for the payment of the principal of and interest on the Bonds, the City in the absence of any other bidder, shall be the purchaser of delinquent property upon which any of said assessments are levied in like manner in which it becomes, or may become, the purchaser of property sold for the nonpayment of general City taxes, and shall pay and transfer from available surplus funds into the Redemption Fund the amount of any delinquent assessment installment and interest thereon. The City shall also pay and transfer from available surplus funds into the Redemption Fund the amount of any future delinquent assessment and interest thereon on such property pending redemption. Any amounts so advanced shall be recoverable upon sale or redemption of the property. Section 20. Covenant to Foreclose. The City hereby covenants with the holders of the Bonds that it will order and cause to be commenced and diligently prosecuted to completion, court foreclosure proceedings upon the lien of any and all delinquent assessments and interest, pursuant to and as provided in the Act. Such foreclosure proceedings shall be commenced within 150 days following the date of such delinquency. Section 21. Transfer and Exchange of Series A Bonds. Any duly authenticated Series A Bond may, in accordance with its terms, be transferred upon the registry books required to be kept pursuant to Section 9 hereof by the registered holder or by attorney duly authorized in writing upon surrender of the Series A Bond to be transferred at the named office of the Agent, duly endorsed or accompanied by a duly executed written instrument of transfer satisfactory to the Agent. The Agent shall forthwith cancel the Series A Bond surrendered for transfer and the City shall execute and the Agent shall authenticate and issue in the name of the transferee one or more new fully registered Series A Bonds of authorized denominations and of like maturity, aggregating the principal amount of the Bond surrendered for transfer. For any registration, transfer or exchange of Series A Bonds (except initial registration of Series A Bonds being delivered to the original purchaser thereof and the first transfer or exchange of each such Bond thereafter), the City or Agent may, as a condition precedent to the exercise of such privilege, require payment of a sum sufficient to cover any service charge, tax or other governmental charge and any other reasonable expenses that may be imposed in connection therewith. The City and the Agent may deem and treat the person in whose name any outstanding Series A Bond shall be registered upon the -11-