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WHEREAS, this City Council referred the matter of the <br />refunding of the Original Bonds and the levy and collection of <br />reassessments as security for the Refunding Bonds to the Director <br />of Public Works of the City, as the qualified engineer retained <br />by the City in these proceedings, and directed said engineer to <br />prepare and file with the City Clerk a report in writing <br />containing the matters specified in Section 9523 of the 1984 Act; <br />and <br /> <br /> WHEREAS, said engineer has prepared and filed with the <br />City Clerk a report in writing containing the matters required by <br />Section 9523 of the 1984 Act, which said report was presented by <br />the City Clerk to this City Council for consideration; and <br /> <br /> WHEREAS, said report has been accompanied by a <br />Certificate of Compliance, executed by the Finance Director of <br />the City, certifying that said report demonstrates satisfaction <br />of the conditions prescribed by Section 9525 of the 1984 Act to <br />authorize this City Council to act upon said report without <br />notice and hearing as otherwise required by the 1984 Act; and <br /> <br /> WHEREAS, said report and said certificate have been <br />considered and reviewed by this City Council, which is fully <br />advised in the premises, and on the basis of such review this <br />City Council has found and determined that, as set forth in said <br />report, (a) each estimated annual installment of principal and <br />interest on the reassessment (other than amounts added to such <br />annual installments due to delinquencies in the payment of the <br />assessments for the Original Bonds) for the assessment district <br />for which the Original Bonds were issued is less than the <br /> <br />SF2-:8846.: 2 <br /> <br /> <br />