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authorized to be levied, by the proceedings in said assessment <br />district and said assessment district was organized under <br />the prov£sfons of the Hunicipal Improvement Act of <br /> <br />1913 and bonds provided to be issued under the Improvement Bond <br /> <br />Act of 1915 of the State of Cali£ornia. <br /> <br /> SECURITY FOR BOi~DS: Said bonds are payable from the redemp- <br />tion fund provided by law which is.secured by all of the unpaid <br />assessments within the boundaries of said district. Said bonds <br />are further secured by a limited guarantee on the part of the <br />entity which issued said bonds. Under the provisions of the <br />Improvement Bond Act o£ 1915, any real property on which the <br />owners have failed to pay installments of assessments ~s they <br />fall due is sold for delinquencies by the City in the same manner <br />as real property is sold for delinquent taxes. It is the duty <br />of the City of Pleasanton to bid such property in at such tax <br />sale. It then becomes the duty of the City to transfer to the <br />Redemption Fund the amount of the purchase. In the event there <br />is not sufficient money in the General Fund to transfer this <br />amount into the Redemption Fund, it becomes the mandatory duty <br />of the City to levy a tax up to 10~ on each $100.00 of assessed <br />valuation of property within the boundaries of the City of <br />Pleasanton, sufficient in amount to pay for the delinquencies. <br />It becomes the continuing duty of the City throughout the life <br />of the bond issue, to levy such a tax and to pay for the install.- <br />ments upon property sold to the City of Pleasanton for delino <br />que~cies. The maximum levy which the City is obligated to make <br /> <br /> in any one yea is 10¢ on each $100.00 of assessed valuation. <br /> <br />The assessed valuation of all taxable real property in the City of <br />Pleasanton for the fiscal year 1968-69 is $19~339,22S.00. <br /> <br /> LEGAL OPINION: The legal opinion of the law firm <br /> <br />of Sturgis, Den-Dulk, Douglass ~ Anderson, 1322 Webster Street, <br />Oakland, California, 94612, approving the validlty of said bonds <br />snd assessments against publicly owned property will be furnished <br />to the success£ul bidder without charge. <br /> <br /> <br />