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serial maturities of the Bonds issued. An annual proportion of each <br /> unpaid assessment shall be payable in each year preceding the date <br /> of maturity of each of the several series of Bonds issued, <br /> sufficient to pay the Bondswhen due, and such proportion of each <br /> unpaid assessment coming due in any year, together with the annual <br /> interest thereon, shall be payable in the same manner and at the <br /> same time and in the same installments as the general taxes of the <br /> City on real property are payable, and become delinquent at the same <br /> times and in the same proportionate amounts and bearthe same <br /> proportionate penalties and interest after delinquency as do the <br /> general taxes on real property of the City. A record of the several <br /> installments of principal and interest on said unpaid assessments <br /> which are to be collected in each year during the term of the Bonds <br /> shall be kept in the office of the Director of Finance of Santa <br /> Clara County. When the first interest installment is for interest <br /> fora longer period than six months, said Director of Finance shall . <br /> enter the amount thereof in the column on the assessment roll <br /> providedfor the first installment, and the balance in the column on <br /> the assesment roll_ .provided ' for the second installment. All sums <br /> received from the collection of said unpaid assessments and of the <br /> interest and penalties thereon shall be placed in the redemption <br /> fund provided for herein, except, any percentage collected to <br /> represent the costs of such collection shall be retained by said <br /> Director of Finance. <br /> -6- <br />