1994 AGN APR 05 I17 - Laserfiche WebLink

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utility and for the providing of service to the properties in the area benefiting from the work, rights, improvements or acquisitions by said agency or utility in accordance with its rates, rules and regulations, and that such agreement or agreements shall become effective after the sale of bonds and funds are available to carry out the terms of any such agreements. 11. This Council declares that any publicly owned lot or parcel of land and all public streets within the Assessment District in use in the performance of a public function as such shall be omitted from the assessment hereafter to be made to cover the costs and expenses of the Improvements. 12. The Council hereby determines and notice is hereby given that any unpaid assessment installment that becomes delinquent shall bear the same proportionate penalties and interest as do the general taxes on real property of the City. . 13. After completion of said improvements and the payment of all claims from the improvement fund to be provided in the proceedings hereafter to be taken pursuant to this resolution, this Council shall determine the amount of the surplus, if any, remaining in said improvement fund by reason of the assessment (and any supplemental assessment) levied for said improvements, and any such surplus shall be used for one or more of the following purposes: (a) Transfer to the general fund of the City, provided that the amount of any such transfer shall not exceed the lesser of $1,000 or 50 of the total amount expended from the improvement fund; or (b) As a credit upon the assessment and any supplemental assessment, as provided in Section 10427.1 of the Streets and Highways Code. 14. Except as herein otherwise provided for the issuance of bonds, all of the acquisitions and improvements shall be made and had as provided in the Municipal Improvement Act of 1913, being Division 12 of said Streets and Highway Code. 15. Notice is hereby given that serial and/or term bonds to represent unpaid assessments, and to bear interest at the rate of not to exceed twelve percent (120) per annum, will be issued hereunder in the manner provided by Division 10 of said Streets and Highways Code, being the Improvement Bond Act of 1915, to the last installment of which bonds shall mature not to exceed thirty (30) years from the second day of September next succeeding twelve (12) months from their date. -4- 9408000K.LA1