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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 mature not more than nineteen (19) <br />years from the second day of July next succeeding ten (10) months <br />from 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 /> 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 /> This Council appoints Bissell & Karn, Inc., as Engineer of <br />Work for this project, and directs the preparation of the report <br />required by Section 10204 of the Streets and Highways 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 be transferred to the general fund if the surplus does not <br />exceed the lesser of one thousand dollars ($1000) or five percent <br />(5%) of the total amount expended from the fund. Otherwise the <br />entire surplus shall be applied as a credit on the assessment as <br />provided in Section 10427.1 of the Streets and Highways Code. <br /> <br /> <br />