Res85 10072 - Laserfiche WebLink

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further particulars. Said map indicates by a boundary line the extent of the territory included in the proposed district and shall govern for all details as to the extent of the assessment district. 15. Said Council further declares that any publicly owned lot or parcel of land and all public streets, highways, lanes and alleys within said 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 cost and expenses of said acquisitions. 16. Notice is hereby given that serial bonds to represent the unpaid assessments, and to bear interest at the rate of not to exceed twelve percent (12%) per annum, will be issued hereunder in the manner provided in the Improvement Bond Act of 1915, Division 10 of said Streets and Highways Code, the last installment of which bonds shall mature not to exceed twenty-three (23) years from the second day of September next succeeding twelve (12) months from their date. An even annual proportion of the aggregate principal sum of the bonds sha 11 be payab 1 e on the second day of September in each year next succeeding the first twelve (12) months after their date until the whole is paid unless the City Council in its resolution providing for their issuance determines that the amount of principal maturing in each year plus the amount of interest payable in that year will be an aggregate amount that is approximately equal each year or unless the City Council in said resolution makes other determination of the amount of the aggregate principal of the bonds that shall fall due in each year. -5-