RES 78092 - Laserfiche WebLink

10.. The City Council finds that the Engineer of Work, in the Second Amended Report, has fairly and properly apportioned the cost of the improvement to each parcel of land in the assessment district in proportion to the estimated benefits to be received by each par- cel, respectively, from the improvement. The City C~uncil hereby confirms and levies each individual assessment as stated in the Second Amended Engineer's Report. 11. This City Council orders the improvement described in paragraph 2 and as detailed in the Second Amended Engineer's Report. 12. Serial bonds representing unpaid assessments, and bearing interest at a rate not to exceed eight per cent (8%) per annum will be issued in the manner provided by the Improvement Bond Act of 1915 (Division 10, Streets and Highways Code), and the last installment Df the bonds shall mature twenty-four (24) years from the second day of July'next succeeding ten (10) months from their date. 13. According to Section 10603 of the Streets and Highways Code, the City Council .designates the City Treasurer to collect and receive payment of the assessments. 13. If, on completion of the improvement and payment of all cosks, any surplus remains in the improvement fund for the assess- "ment district, the surplus shall be distributed as follows: a. If the surplus does not exceed five per cent (5%) of the total amount expended from the improvement fund, or $1000, whichever is less, the surplus shall be transferred to the general fund of the City. b. If the surplus exceeds the amount set forth in sub- paragraph (.a.), the surplus shall be ~edited t~ each assessment according to Section , 10427.1 of the Streets , -4- and Highways Code. ,