1994 AGN APR 05 I17 - Laserfiche WebLink

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This Council hereby further determines and notice is hereby further given that it proposes to proceed under the alternative procedure authorized in Part 11.1 of said Improvement Bond Act of 1915 relative to collecting assessments and advance retirement of the bonds. It is hereby determined, and this Council hereby declares that the City will not obligate itself to -advance available funds from the City treasury to cure any deficiency which may occur in the bond redemption fund. This Council hereby further determines and notice is hereby given that it proposes to sell the bonds at a discount not in excess of three per cent OU of the principal amount thereof. An even annual proportion of the aggregate principal sum of the bonds shall be payable on the second day of September in each year next succeeding the first twelve (12) months after their date until the whole is paid and the amount of principal maturing or becoming subject to mandatory prior redemption in each year plus the amount of interest payable in that year will be an aggregate amount that is substantially equal each year, except for the moneys falling due on the first maturity or mandatory prior redemption date of the bonds which shall be adjusted to reflect the amount of interest earned from the date when the bonds bear interest to the date when the first interest is payable on the bonds or, unless this Council, in said resolution, makes another determination of the amount of the aggregate principal of the bonds that shall fall due in each year. 16. The Council hereby determines to levy and collect an annual assessment upon each parcel of land in the Assessment District to cover the expenses of collecting the assessment or administering or registering any associated bonds and reserve or other funds. The estimated cost of the project (including incidental costs and bond issuance reserves and expenses) is $2,966,420. Unpaid assessments and the interest thereon will be collected during the term of the bonds and shall be payable in the same manner and at the same time and in the same installments as the general property taxes and shall be payable and become delinquent at the same times and in the same proportionate amounts and bear the same proportionate penalties and interest after delinquency as do the general taxes on real property. 17. This Council hereby further determines and notice is hereby further given that, in addition to any other rights to refund such bonds reserved by this Council, such bonds may be refunded pursuant to Division 11.5 commencing with Section 9500 of the Streets and Highways Code, the Refunding Act of 1984 for -5- 9408000K.LA1