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Section 3. That in the opinion of this City Council the said contemplated work is of more than local or ordinary public benefit and this City Council hereby makes the expense of said work chargeable upon a district, which district this City Council hereby declares to be the district benefited by the said work and to be assessed to pay the cost and expense thereof. For a description of said district reference is hereby made to a plat or map of said district heretofore approved by this City Council on file in the office of the said City Clerk and designated "Map of Assessment District No. 195J" which map or plat indicates by a boundary line the extent of the territory included in the said proposed dis- trict and shall govern for all details as to the extent of said assessment district. Section 4. That serial bonds bearing interest at the rate of six per cent (6%) per annum shall be issued to represent each assessment of twenty-five dollars ($25) or over remaining unpaid for thirty (30) days after the date of recordation of the warrant. Said serial bonds shall extend over a period ending nine (9) years from the second day of January next succeeding the next October 15th following their date. Said bonds are to be issued pursuant to and as provided in the Improvement Act of 1911, Division ? of the Streets and Highways Code of the State of California. Pur- suant to Section 6464 of said code, this City Council hereby determines and elects that said bonds shall provide for a premium of five per cent (5%) of the unpaid principal~ pay- able as provided in said Section 6464.