Laserfiche WebLink
this City now in use in the performance of a public function. <br /> <br /> Serial bonds representing unpaid assessments, and bearing <br />interest at a rate not to exceed twelve percent (12%) per annum, <br />will be issued in the manner provided by the Improvement Bond Act of <br />1915 (Division 10, Streets and Highways Code), and the last <br />installment of the bonds shall m~ture not to exceed (24) years from <br />the second day of September next succeeding twelve (12) months from <br />their date. <br /> <br /> The procedure for the collection of assessments and <br />advance retirement of bonds under the Improvement Bond Act of 1915 <br />shall be as provided in Part 11.1, Division 10, of the Streets and <br />Highways Code of the State of California. <br /> <br /> The City will not obligate itself to advance available <br />funds from the City treasury to cure any deficiency which may occur <br />in the bond redemption fund. A determination not to obligate itself <br />shall not prevent the City from, in its sole discretion, so <br />advancing funds. <br /> <br /> This Council finds that the Special Assessment <br />Investigation, Limitation and Majority Protest Act of 1931 <br />(commencing with Section 2800, Streets and Highways Code) does not <br />apply to these proceedings. <br /> <br /> In the opinion of this Council, the public interest will <br />not be served by allowing owners of assessable lands to enter into a <br />contract for the work of improvement as otherwise permitted in <br />Section 20485 of the Public Contract Code. <br /> <br /> The amount of any surplus remaining in the improvement <br /> <br /> 2 <br /> <br /> <br />