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.L. <br />to <br />of <br />balancing funds as such term is commonly defined and used in <br />governmental accounting, but rather is intended solely to consti- <br />tute an earmarking of certain revenues and assets of the County <br />for certain purposes and to establish certain priorities for <br />application of such revenues and assets as provided herein. <br />J. REMOVAL OF ASSESSMENT LIENS. Any owners of property <br />subject to the Assessments may, at their option, require the <br />County to release and extinguish the liens upon their property, <br />or portions thereof, by virtue of the levy of the Assessments, by <br />depositing with the Clerk of the Board, Federal Securities, the <br />principal of and interest on which shall be sufficient to pay the <br />Assessments or the installments thereof, as the case may be, <br />attributable to such property owners and the property to be <br />released from such liens. Upon receipt of such Federal <br />Securities, the Clerk of the Board shall forthwith record in the <br />Official Records of the County an affidavit or affidavits, as the <br />case may be, executed by the Chairman of the Board, to the effect <br />that sufficient security has been deposited with the County in <br />order to insure timely payment of the applicable amounts of the <br />Assessments or the installments thereof, as the case may be, and <br />that such Assessment liens are thereby released and extinguished. <br />All principal and interest received from such Federal Securities <br />on deposit with the Clerk of the Board shall be deposited, as <br />received, into the Improvement Fund, after satisfaction of the <br />provisions of the resolutions authorizing the issuance of the <br />Prior Lien Obligations. <br />SECTION 16. APPLICATION OF BOND PROCEEDS. The money <br />received from the sale of any or all of the Bonds authorized and <br />issued pursuant to this resolution shall be deposited and applied <br />as follows: <br />A. All interest to accrue on the Bonds until January 1, <br />1986, shall be deposited in the Improvement Fund and used to pay <br />the next maturing interest due on the Bonds. <br />B. The County hereby covenants that it will establish <br />-24- <br />