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RESOLUTION NO. 75-69 PAGE THREE Maps and descriptions of lands, easements and rights of way to be acquired. When any portion or percentage of the cost and expenses of the improve- ments is to be paid from sources other than assessments, the amount of such portion or percentage shall first be deducted from the total esti- mated cost and expenses of said improvements, and said assessment shall include only the remainder of the estimated costs and expenses. Said assessment shall refer to said subdivisions by their respective numbers as assigned pursuant to subdivision D. of this Section. BONDS SECTION 4. That it is hereby determined and declared that serial bonds shall be issued in accordance with Division 7 of the Streets and Highways Code of the State of California, "Improvement Act of 1911," to represent each assessment of Fifty Dollars ($50.00) or more, remaining unpaid for thirty (30) days after the date of the recording of the Diagram and Assessment for this improvement. The serial bonds shall extend over a period of nine (9) years from the second day of January next succeeding the September 1st following their date. The principal sum shall become due and payable in equal annual payments on each October 15th succeeding the September 1st following the date of the bonds until fully paid. The first interest payment shall be payable on the April 15th next succeeding the March 1st or the October 15th next succeeding the September 1st, as the case may be, next following the date of the bonds. The following interest payments shall each be for six (6) months interest and shall be payable on each fifteenth day of April and October, the last interest payment coming due the October 15th immediately pre- ceding the last annual payment of the principal of the bonds issued to represent the unpaid assessment. The bonds shall bear interest at a rate to be determined on the sale thereof provided however that said rate shall not exceed the maximum rate of eight percent (8%) per annum. Pursuant to the provisions of the Streets and Highways Code, the City Treasurer is hereby designated as the officer of said City to collect and receive the assessments and installments on said bonds. "MUNICIPAL IMPROVEMENT ACT OF 1913" SECTION 5. Except as herein otherwise provided for the is- suance of bonds, all of said improvement shall be made and ordered pursuant to the provisions of the "Municipal Improvement Act of 1913," being Division 12 of the Streets and Highways Code. Bonds are to be issued pursuant to the provisions of the "Improvement Act of 1911," being Division 7 of said Code. SURPLUS FUNDS SECTION 6. If any excess shall be realized from the assess- ment, it shall be used, in such amounts as the City Council may determine, in accordance with the provisions of law for one or more of the following purposes: Transfer to the general fund of the City, provided that the amount of any such transfer shall not exceed the lesser of One Thousand Dollars ($1,000.00) or five percent (5%) of the total amount expended from the improvement fund;