Laserfiche WebLink
1915 Improvement Act Bonds, upon determination by resolution of <br />the Council to do so, provided, there will be a reduction in the <br />interest cost to maturity by reason of the refunding of such <br />bonds, and that the refunding bonds shall bear interest at a rate <br />not to exceed the maximum rate permitted by law and shall have a <br />maximum number of years to maturity not in excess of the term of <br />such bonds, and any adjustment to assessments resulting from the <br />issuance of the refunding of such bonds will be done on a pro <br />rata basis. <br />18. Pursuant to Part 14 of Division 10 of said Streets and <br />Highway Code, this Council intends to covenant for the benefit of <br />bondholders to commence and diligently prosecute to' -completion <br />any foreclosure action regarding delinquent installments of any <br />assessments which secure the bonds to be issued in the <br />proceedings to represent unpaid assessments. <br />19. Pursuant to Part 16 of Division 10 of said Streets and <br />Highways Code, this Council intends to include in the proceedings <br />an amount to create a special reserve fund for the bonds to be <br />issued in the proceedings to represent unpaid assessments. <br />20. This Resolution shall be effective upon its adoption. <br />* * * * * * * * * * * * * * * * <br />PASSED AND ADOPTED this 5th day of April, 1994 by the following <br />vote: <br />AYES: <br />NOES: <br />ABSENT: <br />Mayor <br />(SEAL) <br />Attest: <br />By. <br />-6- <br />9408000K.LA1 <br />