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land belonging to the United States, the State of California, <br />the County of Alameda and this City now in use in the <br />performance of a public function. <br /> <br /> Serial bonds representing unpaid assessments, and <br />bearing interest a~ a rate not to exceed twelve percent (12%) <br />per annum, will be issued in the manner provided by the <br />Improvement Bond Act of 1915 (Division 10, Streets and Highways <br />Code), and the last installment of the bonds shall mature <br />fourteen years from the second day of July next succeeding ten <br />(10) months from their date. <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 <br /> <br />not apply to these proceedings. <br /> <br /> This Council appoints BISSELL & KARN, INC. <br /> <br />as <br /> <br />Engineer of Work for this project, and directs the preparation <br />of the report required by Section 10204 of the Streets and <br />Highways Code. <br /> <br /> The amount of any surplus remaining in the improvement <br />fund after completion of the improvement and payment of all <br />claims shall be transferred to the general fund if the surplus <br />does not exceed the lesser of one thousand dollars ($1000) or <br />five percent (5%) of the total amount expended from the fund. <br /> <br /> the <br /> <br />Otherwise the entire surplus shall be applied as a credit on <br />assessment as provided in Section 10427.1 of the Streets and <br />Highways Code. <br /> <br /> <br />