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• be given in cash (by check of the Town) to the owner of record of the applicable parcel as of the date of the adoption of this resolution. (ii) For all individual assessments that remain unpaid and are payable in installments, a portion of the Surplus up to $174,715 will be credited against all unpaid installments paid or to be paid with respect to the payment of interest on the Bonds on September 2, 2011 and March 2, 2012; provided, however, that only that portion of the assessments to be applied to the payment of interest on the Bonds on those dates shall be credited toward assessment installments. This amount shall be retained in the Redemption Fund and used to pay the interest portion of debt service on the Bonds on September 2, 2011 and March 2, 2012. (iii) The balance available after giving the credits specified in (i) and (ii) above shall be transferred to the Redemption Fund and used to redeem a portion of the Bonds on September 2, 2011. Section 2. Finance Director Authorized to Credit Assessments. The Finance Director (or designee thereof) of the Town is hereby authorized and directed to cause the credits to be made in accordance with this Resolution, and to cause the Auditor's Records for the Assessment District to be corrected to reflect the credits for assessments which are payable in installments, as provided herein, which corrections may be made on the face thereof or by an amendment thereto. For any delinquent assessments subject to judicial foreclosure proceedings, the Finance Director of this City shall notify foreclosure counsel of the giving of the credits herein specified. Section 3. Effective Date. This resolution shall be effective upon the date of its adoption. PASSED AND ADOPTED at a regular meeting of the City Council of the Town of Los Altos Hills duly held on the 21St day of April, 2011, by the following vote: Ayes: SUMMIT, MORDO, RADFORD, WALDECK Noes: None Abstain: None Absent: LARSEN Ma or ATTEST: - _ ity Ierk