RES 85223 - Laserfiche WebLink

on public property. Accordingly, work may be done on private property for this purpose with the written consent of the landowner. This Council intends to enter into agreements with Pacific Gas and Electric Company and Pacific Bell under the provisions of Section 10110 of the Streets and Highways Code, inasmuch as certain facilities included in the improvement are to be under their ownership, management and control. Serial bonds representing unpaid assessments, and bearing interest at the maximum rate permitted by law per annum, will be issued in the manner provided by the Improvement Bond Act of 1915 (Division 10, Streets and Highways Code), and the last installment of the bonds shall mature not to exceed twenty-four (24) years from the second day of July next succeeding ten (10) months from their date. It is the intention of this Council to accomplish the work of improvement in increments as may be required, in the sole judgment of the Council, by the pace of land development within the assessment district. Further, it is the intention of the Council to issue improvement bonds in increments as may be necessary to fund the cost and expenses of work undertaken from time to time, all of such bonds to be equal in priority although bearing various dates of issuance; but no bonds shall be issued more than ten (10) ~ears after the date of the first bonds issued under this resolution'. If the total amount of issued bonds within said ten-year period shall be less than the amount authorized under these proceedings, the assessments shall be reduced to accord with the amount of bonds actually issued.