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State of California and the resolution, it will order, and cause to be commenced and thereafter diligently prosecuted, court foreclosure proceedings upon any and all such delin- quent unpaid assessments and interest, pursuant to and as provided in Sections 8830 through 8835, inclusive, of said Streets and Highways Code. Such foreclosure proceedings shall be commenced either (a) within 60 days after the receipt of written demand of any bondholder whose interest might be adversely affected by any delinquency, or (b) within 60 days following the date of .such a delinquency. RESERVE FUND: By resolution of the City Council, the City will cause the creation of a special reserve fund to provide available funds from which the City can make payment of the amount of any delinquent assessments levied in the proceedings in which such reserve fund is created, and interest thereon, for transfer into the redemption fund for the bonds issued in the proceedings in which such reserve fund is created, pursuant to and as provided in Part 13 of said Division 10. Payments from such reserve fund shall be deemed an advance to be reimbursed from the proceeds of redemption or sale of the properties with respect to which payment of delinquent assessments and interest thereon was paid from such reserve fund. The reserve fund shall be held and maintained by the County as a separate trust account, distinct from all other funds of the County. Upon receipt of the proceeds of sale of the bonds, an amount equal to at least 10% of bonds issued shall be deposited in the reserve fund. PROCEEDINGS: Said proceedings were authorized under the terms and provisions of the "Municipal Improvement Act of 1913", being Division 12 of the Streets and Highways Code for the construction of certain public improvement work within the assessment district, including appurtenances, with authorization for the bonds being pursuant to the provisions contained in the "Improvement Bond Act of 1915", being Division 10 of said Code. ASSESSMENT DESCRIPTION AND AMOUNTS: For a description of the respective lots, pieces and parcels of land upon which the several assessments are levied and the bonds are issued, and for other information, reference is hereby made to the assessment presently on file in the Office of the Clerk of the City of Santa Ana and upon confirmation to be recorded in the Office of the Superintendent of Streets of the City of Santa Ana, California. TAX EXEMPT: In the opinion of the Bond Counsel, interest on the bonds is exempt from income taxes of the United States of America under present Federal Income Tax Laws and also from personal income taxes of the State of California under present State Income Tax Laws. LEGAL OPINION: The unqualified opinion of Rutan & Tucker, Santa Ana, California, approving the validity of said bonds will be furnished to the successful bidder upon delivery of the bonds at no charge, and a copy of said legal opinion will be printed on each bond. -4-