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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 proportion 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 /> Second Amended Engineer's Report. <br /> <br />11. This City Council orders the improvement described in <br />paragraph 2 and as detailed in the Second Amended Engineer's Report. <br /> <br /> 12. 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 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 1Q603 of the Streets and Highways <br />Code, the City Council designates 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 expanded 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 credited to each assessment <br />according to Section 10427.1 of the Streets and Highways Code. <br /> <br /> * , , <br /> -4- <br /> <br /> <br />