1976 RES NO. 3570 - Laserfiche WebLink

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the boundaries and dimensions of the respective subdivisions of land within said City, as the same existed at the time of the passage of the Resolution of Intention,.each of which subdivisions shall be 'given a separate number upon said Diagram. 4 A proposed assessment of the total amount Of the cost and expenses of the proposed improvement upon the several divisions of land in said. City in proportion to the estimated benefits to be received by such subdivisions, respectively from said im- provement. Said assessment shall refer to such subdivisions upon said Diagram by the respective numbers thereof, 5. A description of the works of improvements constructed under these proceedings. When any portion or percentage of the cost and expenses of the improvements is to be paid from sources other than assessments, the amount of such portion or percentage shall first be deducted from the total estimated cost and expenses of said improvements, and said assessment shall include only the remainder of the estimated cast and expenses. Said assessment shall refer to said subdivisions by their respective numbers as assigned pursuant to subdivision (4) of thi§ section , BONDS SECTION 4. That itis hereby determined and declared that serial bonds shall be issued in accordance with Division 7 of the Streets and Highways Code, ,Improvement Act of 1911,11 to represent each assessment of Fifty Dollars ($50.90) or more, remaining unpaid for thirty,(30) days after the date of the recording of the diagram and assessment for this improvement and acquisition. The serial bonds shall extend over a period of NINE ( 9) years from the second day of January next succeeding the next September lst following their date. The Principal sum shall become due and payable in equal annual payments on each October 15th succeeding the September lst following the date of the bonds until fully paid. The first interest payment shall be payable on the April 15th next succeeding the March lst or the October 15th next succeeding the September lst, as -the case may be, next following the date of the bonds. The following interest payments shall each be for six months interest and shall be payable on each fifteenth day of April and Octo- .ber, the last interest payment coning due the October 15th immediately preceding the last annual payment of the principal of the bonds is- sued to represent the unpaid assessment, The bonds shall bear interest at a rate to be determined on the sale thereof provided, however, that said rate shall not exceed the maximum rate of EIGHT ( 8%) percent per annum. Pursuant to the provisions of Streets and Highways Code Section 10603, City Treasurer is hereby designated as the officer of said City to collect and receive the assessments, during the cash collection period. Said bonds further shall be serviced and collected by the said City -Treasurer. -3-