1978 RES NO. 3797 - Laserfiche WebLink

Browse Search

f 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 1st or October 15th next succeeding the September 1st, as the case may be, next following the date of the bonds. The followinginterest payments shall each be for six months interest and shall be payable on each fifteenth of April and October, the last interest payment coming due the October 15th immediately preceding the last annual payment of the principal of the bonds issued to represent the unpaid assessment. Pursuant to the provisions of the Streets 'and Highways Code of the State of Californias specification Section 10603, the City Treasurer is hereby designated as the officer of said City to collect and receive the assess- ments, during the cash collection period. Said bonds further shall be serviced and collected by the City Treasurer. "-MUNICIPAL IMPROVEMENT ACT OF 1913" SECTION 5. That except as herein otherwise provided for the issu- ance of bonds, all of said improvements shall be made and ordered pursuant to the provisions of the "Munici- pal Improvement Act of 1913", being Division 12 of the Streets and Highways Code of the State of California. SURPLUS FUNDS SECTION 6. That if any excess shall be realized from the assess- ment, it shall be used, in such amounts as the City Council may determine, in accordance with the provi- sions of law for one or more of the following purposes A. Transfer to the general fund of the City; provided that the amount of any such trans- fer shall not exceed the lesser of One Thousand Dollars ($1,000) or five percent (5%) of the total amount expended from the Improvement Fund; B. As a credit upon the assessment and any supplemental assessment; or C._ For the maintenance of the improvement. SPECIAL FUND SECTION 7. That the legislative body hereby establishes a special fund designated "I-MPROVEMENT FUND FOR ASSESSMENT DISTRICT NO. 78-1" into which funds may be transferred at any time to expedite the making of the improvement herein autho- rized and said funds are a loan and shall be repaid out of the proceeds of the sale of assessments as authorized by law. -4-