Res85 9885 - Laserfiche WebLink

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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 pa~ce1s 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 15. Bond Administration Fund. Any amount included as a Project cost in the aforementioned proceedings to reimburse the City for its expenses in administering and maintaining its registration system for the Bonds shall upon receipt of the proceeds of the Bonds be transferred forthwith from the Improvement Fund and placed in the Bond Administration Fund. Fees or charges incurred by the City payable to the Agent in satisfaction of the City's liability to the Agent for the Agent's services in performing the duties of the registration system described herein, shall be paid from the Bond Administration Fund. Such fees or charges, not paid from the proceeds of the Bonds, cash payment of assessments or investment earnings on monies in the Bond Administration Fund shall be reimbursed or satisfied by the collection of such fees or charges or estimates thereof with the principal of and interest on the assessments which remain unpaid at the time of such collection and which pertain to the Bonds. The amount of any such collection shall be apportioned pro rata among such assessments remaining unpaid at the time of such collection. Such amounts shall be collected with the same collection and enforcement procedures and with the same priority and effect as with respect to the collection of the principal of and interest on the unpaid assessments and shall be placed in the Bond Administration Fund and expended as aforesaid. Section 16. Investment of Funds. Monies in the Improvement Fund, the Redemption Fund, the Reserve Fund and the Bond Administration Fund may be invested in any obligations which are then authorized by the laws of the State of California as investments for local agencies, maturing on a date or dates prior to the need for such monies. Any income or interest thereon shall accrue to and be deposited in the fund from which said monies were invested, subject to the limitation in Section 14 hereof with respect to the Reserve Fund. Section 17. Arbitrage Covenant. The City covenants that as long as any of the Bonds remain outstanding, no use will be made of the proceeds thereof at any time which use (1) was not reasonably expected at the time of issuance of the Bonds, and (2) would, if such use had been reasonably expected at the time of issuance of the Bonds, have -9-