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the registered owner of the entire issue of the Refunding Bonds, <br />or, if all or a portion of the Refunding Bonds is sold and <br />transferred to a registered owner other than the Authority and <br />one hundred percent (100%) of such registered owners other than <br />the Authority consent in writing to the Finance Director, then in <br />such circumstances the requirements of subsection (a) of this <br />Section 11 shall not apply. <br /> <br /> (c) All money in the Reserve Fund provided in this <br />Section ll shall be invested by the Finance Director in lawful <br />investments of City funds maturing not later than five (5) years <br />from the date of purchase. All interest earned on such <br />investments shall be credited to said fund, so long as the amount <br />in said fund does not exceed an amount equal to the Reserve <br />Requirement, but if at any time the amount of money in the <br />Reserve Fund shall accumulate to an amount which exceeds the <br />Reserve Requirement, such excess shall be transferred to the <br />Redemption Fund and credited by the City upon the unpaid <br />reassessments in the manner set forth in the Act; except in <br />either case as otherwise required by Section 13 of this <br />resolution. <br /> <br /> Section 12. There is hereby created and established a <br />fund to be known as the "Limited Obligation Refunding Bonds, City <br />of Pleasanton, Consolidated Reassessment District 1993-3, 1993-3 <br />Expense Fund," which fund shall be kept by the Finance Director. <br />After making the deposits in the Redemption Fund as required by <br />Section 9, in the Refunding Fund as required by Section 10,'and <br />in the Reserve Fund as required by Section 11, all remaining <br /> <br />SF2-~8849.~ 23 <br /> <br /> <br />