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10. The City Council finds that the Engineer of Work, in the <br />Second Amended Report, has fairly and properly apportioned the cost <br />of the improvement to each parcel of land in the assessment district <br />in prop6rtion to the estimated benefits to be received by each par- <br />cel, respectively, from the improvement~ The City Council hereby <br />confirms and levies each individual assessment as stated in the <br /> <br />Second Amended Engineer's Report. <br /> 11. <br /> <br />paragraph 2 <br /> <br /> 12. <br /> <br />This City Council orders the improvement described in <br />and as detailed in the Second Amended Engineer's Report. <br />Serial bonds representing unpaid assessments, and bearing <br /> <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 of <br /> the bonds shall mature twenty-four (24) years from'the second day of <br /> July next succeeding ten (10) months from their date. <br /> <br /> 13. According to Section 19603 of the Streets and Highways <br /> Code, the City Council ~esignates the City Treasurer to collect and <br /> receive payment of the assessments. <br /> <br /> 13. If, on completion of the improvement and payment of all <br />.costs, any surplus remains in the improvement fund for the assess- <br />°ment district, the surplus shall be distributed as follows: <br /> <br /> a. If the surplus does not exceed five per cent (5%) <br /> <br /> of the total amount expended from the improvement fund, or $1000, <br /> whichever is less, the surplus shall be transferred to the general <br /> fund of the City. <br /> <br /> b. If the surplus exceeds the amount set forth in sub- <br /> paragraph (a.), the surplus shall be c~edited t~ each assessment <br /> according to Section 10427.1 of the Streets and Highways Code. <br /> <br /> · , , <br /> -4- <br /> <br /> <br />