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Serial bonds representin~ unpaid assessments, and bearin~ <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 />191B (Division 10, Streets and Highways Code), and the last <br />installment of the bonds shall mature not to exceed twenty-four (2~) <br />years from the second day of September next succeedin~ twelve (12) <br />months from their date. <br /> <br /> The City will obligate itself to advance available funds <br />from the City Treasury to cure any deficiency which may occur in the <br />bond redemption fund. <br /> <br /> The procedure for the collection of assessments and <br />advance retirement of bonds under the Improvement Bond Act of 191B <br />shall be as provided in Part ll.1, Division l0 of the Streets and <br />Highways Code of the State of California. <br /> <br /> This Council appoints Nark Thomas ~ Co., Inc., as Engineer <br />of Work for this project, and directs the preparation of the report <br />required by Section 10204 of the Streets and Highways Code. <br /> <br /> In the opinion of this Council, the public interest will <br /> not be served by allowin~ owners of assessable lands to enter into <br /> contract for the werk of improvement as otherwise permitted in <br /> Section ~0~SB of the Public Contract Code. <br /> <br /> The amount of any surplus remainin~ in the improvement <br /> fund after completion of the improvement and payment of all claims <br /> shall Be transferred to the ~eneral fund if the surplus does not <br /> exceed the lesser of one thousand dollars ($1000) or five percent <br /> (B%) of the total amount expended from the fund. Otherwise the <br /> entire surplus shall be applied as a credit on the assessment as <br /> <br /> <br />