Res90 11280 - Laserfiche WebLink

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(f) A proposed assessment of the total amount of the cost and expenses of the proposed improvement upon the several subdivisions of land in the district in proportion to the estimated benefits to be received by each subdivision, respectively, from the improvement. The assessment shall refer to the subdivisions by their respective numbers as assigned under subparagraph (e) above. When any portion or percentage of the costs and expenses of the acquisitions and improvements is to be paid from sources other than assessments, the amount of that portion or percentage shall first be deducted from the total estimated cost and expenses of the acquisitions and improvements, and the assessment shall include only the remainder of the estimated cost and expenses. (g) A proposed maximum annual assessment upon each of the several subdivisions of land in the district to pay costs incurred by this City and not otherwise reimbursed which result from the administration and collection of assessments or from the administration or registration of any associated bonds and reserve or other related funds. 14. Notice is hereby given that serial bonds to represent unpaid assessments, and bear interest at the rate of not to exceed twelve percent (12%) per annum, or such higher rate of interest as may be authorized by applicable law at the time of sale of the bonds, will be issued in these proceedings in the manner provided by the Improvement Bond Act of 1915, Division 10 of the Streets and Highways Code of California (the "Bond Law"), the last installment of which bonds shall mature not to exceed twenty-five (25) years from the second day of September next succeeding twelve months from their date. The provisions of Part 11.1 of the Bond Law, providing an alternative procedure for the advance payment and calling of bonds, shall apply to the bonds issued in these proceedings. It is the intention of this Council to create a special reserve fund pursuant to and as authorized by Part 16 of the Bond Law. It is the intention of the City that the City will not obligate itself to advance available funds from the treasury of the City to cure any deficiency in the redemption fund to be created with respect to the bonds; provided, however, that a determination not to obligate itself shall not prevent the City from, in its sole discretion, so advancing funds. The bonds may be refunded pursuant to the provisions of Division 11.5 of the Streets and Highways Code of California upon the determination of the City Council of the City that the public interest or necessity requires a refunding. A refunding may be undertaken by this Council when, in its opinion, lower prevailing interest rates may allow reduction in amount of the installments of principal and interest upon the assessments to be given to owners of property assessed for the works described in this Resolution. Refunding bonds shall bear interest at a rate not to exceed that which is stated in the resolution of this Council expressing its intention to issue the refunding bonds, which resolution of intention shall also set forth the maximum term of years of the refunding bonds. Any adjustment to assessments resulting from the refunding will be done on a pro rata basis. The refunding shall be accomplished pursuant to Division 11.5 (commencing with Section 9500) of the Streets and Highways Code of California, except that, if, following the filing of the report specified in Section 9523 and any subsequent modifications of the report, the Council finds that each of the conditions specified in the -4- .i i 28 0