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SECTION 5. That bonds shall be issued representing unpaid <br />assessments against private property in accordance with the provi- <br />sions of Division 12 of the Streets and Highways Code, and Division <br />7 of said Code, for the purpose of paying <br />together with a p Y g the costs of the improvement <br />for <br />and incidental expenses. <br />SECTION 6. That said bonds shall.be issued for all unpaid <br />assessments or portions thereof which amount to Fifty Dollars ($50.00) <br />or over, and shall be in the respective amounts as set forthin the <br />assessment as confirmed for said district. <br />May 15, 1976 and shall provide a 5 redem tion dbonds Will he dated <br />P premium. <br />Said bonds and the coupons thereof shall be issued substan- <br />tially in the form authorized for the issuance of the bonds under <br />Division 7 of the Streets and Highways _Code of the State of California. <br />These bonds shall be serial bonds and shall extend over a period end- <br />ing NINE _(9) years from the second day of January next suc- <br />ceedirng the next September first following their date, and an even <br />annual proportion of the <br />principalsumthereof year after the next <br />September first following their date, until the whole is paid, and <br />the interest shall be payable semi-annually, by coupon, on the second <br />days of January and July, respectively, of each year following the <br />date of the bonds. <br />SECTION 7. That the interest rate on said bonds shall be <br />the samE. as set forth in the accepted bid proposal as submitted by <br />the successful bidder previously mentioned herein. <br />APPROVED acid ADOPTED this 16th day of March, 1976. <br />CITY OF COLTON <br />STATE OF, CALIFORNIA <br />ATTEST: <br />CITY CLERK <br />CITY OF COLTON' <br />STATE OF CALIFORNIA <br />2 <br />