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under its ownership, management and control. <br /> <br /> Serial bonds representing unpaid assessments, and hearing <br />interest at a rate not to exceed twelve percent (12%) per annum, <br />will he issued in the manner provided hy the Improvement Bond Act of <br />1915 (Division 10, Streets and Highways Code), and the last <br />installment of the bonds shall mature twenty-four (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 he as provided in Part ll.1, Division 10, of the Streets and <br />Highways Code of the State of California. <br /> <br /> This Council finds that the Special Assessment <br />Investigation, Limitation and NaJority Protest Act of 1931 <br />(commencin~ with Section 2800, Streets and Highways Code) does not <br />apply to these proceedings. <br /> <br /> This Council appoints JOSEPH ELLIOTT, Director of Public <br />Works, as Engineer of Work for this project, and directs the <br />preparation of the report required hy Section 10204 of the Streets <br />and Highways Code. <br /> <br /> In the opinion of this Council, the public interest will <br />not he served hy allowin~ 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 />fund after completion of the improvement and payment of all claims <br />shall he transferred to the general fund if the surplus does not <br /> <br /> <br />