1978 RES NO. 3808 - Laserfiche WebLink

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•r _ be, at the rate named in the Bond, together with a premium of five percent (5%) of the uninatured principal, and all penalties accrued and unpaid. When all payments on a Bond are made to the Treasurer, the Treasurer shall forthwith notify the holder of the Bond and call in the Bond. - AMOUNT: The exact total number and aggregate of Bonds to be issued will not be determined until after the expiration of 30 days from the date of recording the assessment, during which period the property owners may pay their assessments in cash. After the expiration of the cash collectionperiod and prior to the date of delivery of the Bonds, the actual ag- gregate amount of Bonds will be certified by the City Treasurer. Total esti- mated aggregate amount of assessment is $2, 655, 226 Said Bonds shall be issued for all unpaid assessments or, portions thereof which amount to Fifty Dollars ($50.00) or over and shall be in the respective amounts as set forth in the confirmed and recorded assessment for said district. PAYMENT: Principal of and interest on the bonds and -any premium upon redemption are payable at the office of the Director of Finance, City Hall, Colton, California. PLACE OF DELIVERY: At the office of the Director of Finance, City Hall, Colton, California, or at any place mutually agree- able to the Director of Finance and the purchaser. NEGOTIABLE: Upon issuance the Bonds are negotiable instruments payable to bearer, and title passes by physical delivery. AUTHORITY FOR ISSUANCE: The City of Colton is a political subdivision of the State of California, organized and existing pursuant to the laws of the State. Full compliance has been had with the Special Assessment Investigation, Limi- tation and Majority Protest Act of 1931 (Division 4 of the Streets and Highways Code) The proceedings for the acquisition, work and improvements and the levy of assessments therefor are being had pursuant to the Municipal Improvement Act of 1913, (Division 12 of the Streets and Highways Code) and Resolution of Intention No. 3 7 9 7, adopted by the City Council on March 21, 19 .7 8. The Bonds are being issued pursuant to Chapter 4 of Part 5 of Division 7 of said Code (IMPROVEMENT ACT OF 1911) . COLLECTION OF ASSESSMENTS: The unpaid assessments are collected in annual installments, together with semi- annual payments of interest on the reducing balances, by the mailing by the Treasurer