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"MUNICIPAL IMPROVEMENT ACT OF 1913" <br />SECTION 5. Except as herein otherwise provided for the <br />issuance of bonds, all of said improvement shall be made and ordered <br />pursuant to the !1 <br />provisions <br />of the "Municipal Improvement Act of �.9�.,�, <br />being Division 12 of the Streets and Highways Code. <br />SURPLUS FUNDS <br />SECTION 6. If any excess shall be realized from the assess_ <br />ment, it shall be used, in such amounts as the City Council may <br />determine, in accordance with the proyi,sions of law for one or mcar' <br />of the following purposes: <br />(a) Transfer to the general fund of the City,. <br />provided that the amount of any such <br />transfer shall not exceed, the lesser of <br />One Thousand Dollars ($1,000.00) or five <br />percent (5%) of the total amount expended <br />from the imps=oVement fund; <br />(b) As a credit upon the assessment and any <br />supplemental assessment; or <br />(c) For the maintenance of the improvement. <br />SPECIAL FUND <br />SECTION 7. The legislative body hereby establishes a <br />special fund designated "ASSESSMENT DISTRICT No, 1975-1 ,,DVANCE <br />ACCOUNT" into which the City Council may at any time transfer fund <br />to expedite the making of the improvement herein authorized and <br />said funds are a Loan and shall be repaid out of the proceeds oaf th,e <br />sale of assessment bonds as authorized kay law. <br />PRIVATE CONTRACT <br />SECTION 8, Notice is hereby given that, in the opinion of <br />the City Council, the public interest will not be served by allowing.. <br />the property owners to take the contract for the construction of the <br />improvements and that, pursuant to Section 10502.4 of the Streets and <br />Highways,Code, no notice of award of contract need be published.' <br />BOND REDEMPTION <br />SECTION 9._ The legislative body further elects and declares <br />that the redemption provisions of said bonds will provide a premium <br />Of five percent (5%) on the unmatu.red principal. <br />DIVISION 4 REPORT: <br />SECTION 10. The legislative body has further conducted pro- <br />ceedings pursuant to the SPecial Assessment Investigation, Limitation <br />and Majority Protest Act of 1931, -being Division 4 of the Streets <br />and.Highways Code of the State of California and a Report pursuant <br />to said Division has been presented, considered and approved by this <br />City Council and is on fide in the Office of the City Clerk and <br />open for public inspection. <br />APPROVED and ADOPTED this 3rd day of February, 1976 <br />ATTEST: <br />14&0 49 <br />Qom.R <br />� CITY OF COLTON,.CALIFORNIA <br />CITY CLERK <br />CITY OF COLTON, CALIFORNIA <br />- ---- -- <br />