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R~SObUTION NO. <br />PAGE THREE <br /> <br />bonds, and the amount thus determined shall be trans- <br />ferred from the Reserve Fund to the Redemption Fund. <br /> <br /> (c) If at any time the amount of any income <br />realized from the investment of the money in the <br />Reserve Fund plus the remaining principal amount <br />thereof exceeds an amount equal to fifteen percent <br />(15%) of the aggregate principal amount of the bonds <br />issued, less any discount thereof, such excess shall be <br />transferred to the Redemption Fund and expended for the <br />advance retirement of bonds within thirteen months of <br />the date of the occurrence of such excess. <br /> <br /> (d) Whenever the balance in the Reserve Fund is <br />sufficient to retire all remaining outstanding bonds, <br />whether by advance retirement or otherwise, collection <br />of the principal and interest on the assessments will <br />be discontinued and the Reserve Fund will be liquidated <br />in retirement of the bonds. <br /> <br /> 8. The Treasurer is hereby instructed to cause bonds, <br />as set forth above, to be printed and following the filing <br />of the list of unpaid assessments, to issue and deliver the <br />bonds to the purchaser thereof upon payment of the purchase <br />price as set forth in the notice calling for bond bids and <br />in the accepted bid. <br /> <br /> PASSED AND ADOPTED THIS <br />1981, by the following vote: <br /> <br />2nd day of November <br /> <br />AYES: Acosta, Bricken, Grtset, Luxembourger, McGui§an, Serrato <br /> <br />NOES: Markel <br /> <br />ABSENT OR NOT VOTING: None <br /> <br />Mayor, City of Santa Ana <br /> <br />ATTEST: <br /> <br />APPROVED AS TO FORM: <br /> <br />~-DWARD J. CO~PE~_~ <br />CITY ATTORNEY <br /> <br />-3- <br /> <br /> <br />