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<br />"8 <br /> <br />I <br /> <br />. <br /> <br />. <br /> <br />, <br /> <br />Fund accounts <br /> <br />The redevelopment project is a trust fund. When the project <br />is completed and all indebtedness is paid, the Agency will abolish <br />the fund and transfer any remaining assets to the City. <br /> <br />Cash and investments <br /> <br />Cash and investments are maintained in the City's treasury and <br />administered on behalf of the Agency by the Director of Finance of <br />the City. Investments are stated at cost, which approximates market <br />value. <br /> <br />Land held for resale <br /> <br />Property acquired by the Agency which is to be held for resale <br />is recorded at cost. <br /> <br />NOTE 2 - TRANSACTIONS WITH THE <br />CITY OF SANTA ANA: <br /> <br />The Agency has entered into an agreement with the City for <br />financial assistance and services, facilities and personnel support. <br />The City advances funds to the Agency from time to time as needed. <br />Interest on these advances accrues at 7% per annum. Under the terms <br />of the agreement office space and equipment are rented to the Agency <br />at the rates charged City departments. The City council chamber and <br />various other meeting rooms of the City are made available to the <br />Agency at no cost. The Agency reimburses the City for an amount <br />equal to the gross salary plus employee fringe benefits for all full- <br />time City employees utilized by the Agency. Incidental expenses and <br />the cost of part-time employees utilized by the Agency are reimbursed <br />based on actual direct and indirect cost rates. During the years <br />ended June 30,1977 and 1976 such costs and expenses amounted to <br />the following: <br /> <br />A-6 <br />