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RESOLUTION NO. 74-168 PAGE TWO DESCRIPTION OF ASSESSMENT DISTRICT SECTION 3. That the said contemplated work and improve- ment in the opinion of said City Council, is of more than local or ordinary public benefit, and of such a nature that the costs and expenses may be assessed in proportion to the estimated benefits arising therefrom, and the said City Council hereby makes the expenses of said work and improvement chargeable upon a district, which said district the said City Council hereby declares to be the district benefited by said work and improvement to be assessed to pay the costs and expenses thereof, and which district is described as follows: Ail that certain territory, exclusive of streets and alleys, included within the exterior boundary line shown upon the proposed boundary map of said Assessment District heretofore approved by the City Council indicating by said boundary line the extent of the territory included within the proposed Assessment District, and which map or plat is on file in the Office of the City Clerk with copies thereof on file in the Office of the City Engineer of said City. Reference is hereby made to said map or plat for a further, full and more particular description of the said Assessment District, and the said map or plat so on file shall govern for all details as to the extent of said Assessment District. DESCRIPTION OF BONDS SECTION 4. That Serial Bonds, bearing interest at the rate of seven and one-half percent (7-1/2%) per annum, shall be issued to represent each assessment of Fifty Dollars ($50.00) or more, remaining unpaid for thirty (30) days after the date of mailing of Notices pursuant to Section 5390 of the Streets and Highways Code. Said Serial Bonds shall extend over a period ending nine (9) years from the second day of January next succeeding the next September first following their date. Payments on the principal of unpaid assessments and interest thereon shall be made by property owners to the City Treasurer, and the same shall be disbursed by said City Treasurer, all as provided in the "Improvement Act of 1911," hereinafter referred to. GRADES SECTION 5. NOTICE IS ~EREBY GIVEN that the grade to which the work shall be done is that as shown on the plans and profiles therefor, above referred to, which grades may vary from existing grades. The work herein contemplated shall be done to the grades as indicated on the aforementioned plans and specifi- cations, together with profiles. Reference is hereby made to the aforesaid plans, profiles and specifications for a description of the grades at which the work is to be done. TIME AND PLACE OF HEARING SECTION 6. NOTICE IS HEREBY GIVEN THAT ON THE 16th DAY OF DECEMBER, 1974, AT THE HOUR OF 7:30 O'CLOCK P.M. IN THE COUNCIL CHAMBERS LOCATED IN THE CITY HALL, ANY AND ALL PERSONS HAVING OBJECTIONS TO THE PROPOSED WORK OR IMPROVEMENT, OR TO THE EXTENT