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SECTION 3. That the City Treasurer, or appointed paying agent, <br />in accordance with the provisions of Part 5 of Di- <br />vision 7 of the Streets and Highways Code, is her <br />authorized and directed to receive all payments made <br />upon said bonds and assessments by property owners <br />in a fund designated by the'nazqe of the proceedings, <br />into which he shall place all sums paid for the prin- <br />cipal of the bonds and the interest thereon, together <br />with all penalties thereon, and from which he shall <br />disburse such funds upon presentation of 'proper cou- <br />pons. Under no circumstances shall the said bonds <br />or interest thereon be paid out of any other fund <br />except as provided by law. <br />SECTION 4. That said fund shall be designated as <br />"IMPROVEMENT FUND FOR <br />ASSESSMENT DISTRICT,NO."78-1" <br />SECTION 5., That bonds be issued representing unpaid assessments <br />against private property in accordance with the pro- <br />visions of Division 12 of the Streets and Highways <br />Code, and Division 7 of said Code, for the purpose of <br />paying the costs of the improvements, together with <br />appurtenances and incidental expenses. <br />SECTION 6. That said bonds shall be issued for all unpaid assess- <br />ments or portions thereof which amount to Fifty Dollars <br />($50.00) or more, and shall be in the respective <br />amounts as set forth in the assessment as confirmed for <br />said Assessment District Said bonds shall be dated <br />the 2nd day of JULY, 1978 <br />Said bonds and the coupons thereof shall be, issued sub- <br />stantially in the form authorized for the issuance of <br />the bonds under Division 7 of the Streets and Highways <br />Code of the State of California. These bonds shall be <br />serial bonds and shall extend over a period ending <br />FOURTEEN (14) years from the 2nd day of <br />January next succeeding the next September`lst following. <br />their date, until the whole is paid, and the interest <br />shall be payable semi --annually, by coupon, on the 2nd <br />days of January and July, respectively, of each year <br />following the date of the bonds. <br />SECTION 7. That the interest rate on said bonds shall be the same <br />as set forth in the accepted bid proposal as submitted <br />by the successful bidder previously mentioned herein. <br />APPROVED and ADOPTED this 7th day of June 1978 <br />MAYO <br />CITY OF COLTON <br />ATTEST: STATE OFCALIFORNIA <br />CITY CLERK <br />CITY OF COLTON <br />STATE OF CALIFORNIA <br />-2_- <br />