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RESOLUTION NO. 75-69 <br />PAGE FOUR <br /> <br />AS a credit upon the assessment and any supplemental <br />assessment; or <br /> <br />C. For the maintenance of the improvements. <br /> <br />SPECIAL FUND <br /> <br /> SECTION 7. The legislative body hereby establishes a special <br />fund designated, "ASSESSMENT DISTRICT NO. 239 ADVANCE ACCOUNT," into <br />which the City Council may at any time transfer funds to expedite the <br />making of the improvement herein authorized and said funds are a loan <br />and shall be repaid out of the proceeds of the sale of assessment <br />bonds as authorized by law. <br /> <br />PRIVATE CONTRACT <br /> <br /> SECTION 8. Notice is hereby given that, in the opinion of <br />the City Council, the public interest will not be served by allowing <br />the property owners to take the contract for the construction of the <br />improvements and that, pursuant to Section 10502.4 of the Streets and <br />Highways Code, no notice of award of contract need be published. <br /> <br />PUBLIC CONVENIENCE AND NECESSITY <br /> <br /> SECTION 9. The Council proposes to find and determine at <br />the hearing provided for herein as authorized pursuant to Section 17 <br />of Article XIII of the California Constitution that the public con- <br />venience and necessity require such work, and improvement. At said <br />hearing the Council will hear objections to the making of such finding <br />and determination. After such public hearing, if the Council, by no <br />less than a four-fifths vote of all members thereof, finds and <br />determines that the public convenience and necessity require such <br />improvement, it may order such improvement without further proceedings <br />in this respect to debt limitation or majority protest and specifically <br />the proceedings and limitations of the "Special Assessment Investigation, <br />Limitation and Majority Protest Act of 1931." <br /> <br />BOND REDEMPTION <br /> <br /> SECTION 10. Legislative body hereby further elects to <br />provide that said bonds upon redemption, shall provide a premium of <br />five percent (5%) on the unmatured principal and said language shall <br />be added to the redemption clause in the bond form to require the <br />property owner to pay said redemption fund in order to pay and discharge <br />such lien. <br /> <br />APPROVED and ADOPTED this 2nd day of June <br /> <br />ATTEST: <br /> <br /> THE COUnCil. <br /> <br />STATE OF CALIFORNIA ) <br />COUNTY OF ORANGE ) <br />CITY OF SANTA ANA ) <br /> <br />SS. <br /> <br /> I, FLORENCE I. MALONE, do hereby certify that I em the Clerk <br />of the Council of the City of Santa Ana; that the foregoing Resolution <br /> <br /> <br />