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This Council intends to enter into an agreement with <br /> Pacific Telephone and Telegraph Company under the provisions of <br /> Section 10110 of the Streets and Highways Code, inasmuch as certain <br /> facilities included in the improvement are to be under its ownership, <br /> management and control. <br /> <br /> Serial bonds representing unpaid assessments, and bearing <br /> interest at a rate not to exceed eight per cent (8%) per annum, will <br /> be issued in the manner provided by the Improvement Bond Act of 1915 <br /> (Division 10, Streets and Highways Code), and the last installment <br /> <br /> of the bonds shall mature twenty-four (24) years from the second day <br />'of July next succeeding ten (10) months from their date. <br /> <br /> This Council finds that the Special Assessment Investiga- <br /> tion, Limitation and Majority Protest Act of 1931 (commencing with <br /> Section 2800, Streets and Highways Code) does not apply to these <br /> proceedings. <br /> <br /> This Council appoints MiCKAY & SOMPS as Engineer of Work <br /> for this project, and directs the preparation of the report required <br /> by Section 10204 of the Streets and Highways Code. <br /> <br /> In the opinion of this Council, the public interest will <br /> not be served by allowing owners of assessable lands to enter into <br /> a contract for the work of improvement, as otherwise permitted in <br /> Section 10502.2 of the Streets and HighWays Code. <br /> <br /> The amount of any surplus remaining in the improvement fund <br /> after completion 9f the improvement and payment of all claims shall be <br /> transferred to the general fund if the surplus does not exceed the <br /> lesser of one thousand dollars ($1000) or five per cent (5%) of the <br /> <br />-3- <br /> <br /> <br />