Resolution No. 2421 - Ordering the Construction of Certain Street Work and Ordering Posting and Publication of Notices Inviting Sealed Proposals or Bids

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NOW, THEREFORE, the City Council of the City of Colton, California, DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows: SRrt.inn 1 . That the public interest and convenienre require and the City Council of said City hereby orders the following work to be done or improve- ment to be made, to wit: all that certain work or improvement described in said Resoltuion No. 2407, on file in the office of the City Clerk of said City. Reference is hereby made to said Resolution No. 2407 and to plans for said work which are designated "Plan No. 547", on file in the office of the City Clerk of said City and to specifications for said work, which are designated "Specifica- tions No. 547 ", also on file in the office of said City Clerk, for a more parti- cular description of said work and for the grades at which such work shall be done Section 2. That this City Council has determined and declared that the said contemplated work hereinbefore mentioned, in the opinion of this City Council, is of more than local or ordinary public benefit, and this City Council has made the expense of said work chargeable upon a district, which district this City Council has declared to be the district benefited by the said work and to be assessed to pay the cost and expense thereof. For the particular description of said assessment district reference is hereby made to said Resolution No. 2407 • Section 3. That this City Council determines and declares that serial bonds bearing interest at the rate of six per cent (6%) per annum shall be issued to represent each assessment of fifty dollars ($50) or over remaining unpaid for thirty days (30) days after the date of recordation of the warrant. Said serial bonds shall extend over a period enging nine (9) years from the second day of January next succeeding the next September 1st following their date. Said bonds shall be issued under the Improvement Act of 1911, Division 7 of the Streets and Highways Code of the State of California. Said bonds shall have redemption provisions for a premium of five per cent (5%) of the unpaid principal pursuant to Section 6464 of the Streets and Highways Code.