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RESOLUTION NO. 81-119 acquisitions and improvements to be made and to be assessed to pay the cost and expenses thereof; that the expense of the work, acquisitions and improvements is hereby made chargeable upon the district; and that the exterior bound- aries of the assessment district are hereby specified and described to be as shown on that certain map now on file in the office of the City Clerk of the City of Santa Ana entitled "Proposed Boundaries, Assessment District No. 246, City of Santa Ana," which 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. On the original and copy of the map of such assessment district on file in the Clerk's office, the Clerk shall endorse the certificate evidencing the date and adoption of this Resolution. The Clerk shall file the original of such map in her office and, within fifteen days after the adoption of the Resolution fixing the time and place of hearing on the formation and extent of the assessment district, the Clerk shall file a copy of such map so endorsed in the records of the County Recorder, County of Orange, State of California. Section 5. Ail public streets, alleys, easements and ways and all publicly owned property in the assessment district in use in the performance of a public function shall be omitted from the assessment hereafter to be made to pay the cost and expenses of the acquisitions, provided, however, that all property owned by the Community Redevelop- ment Agency within the District shall be assessed. Section 6. Notice is hereby given that serial bonds to represent unpaid assessments, and which bear interest at the rate of not to exceed ten percent (10%) per annum, or the maximum interest rate then permitted by law, payable semiannually, will be issued hereunder in the manner pro- vided by Division 10 of the Streets and Highways Code (the Improvement Bond Act of 1915) and the last installment of such bonds shall mature in not to exceed 24 years from the second day of July next succeeding 10 months from their date. The alternate procedure for collecting assessments and advance retirement of bonds as set forth in Part 11.1 Division 10 of the Streets and Highways Code shall apply herein. Pursuant to Section 8650.1 of said Code, the City Council may determine to issue said bonds so that other than an equal annual proportion of the principal amount shall mature each year. Section 7. The City Council further hereby declares that it is its intention to covenant that, upon default of any assessment payment due and upon written demand of any bondholder affected thereby, it will cause foreclosure proceedings to be brought within 60 days of such demand, as permitted by Section 8830(b) of the Streets and Highways Code. Section 8. The City Council further hereby declares that '~t is its intention to create a special reserve fund to provide for the purchase of tax delinquent property by the City and for other advances contemplated to be made by the City under Part 13 of Division 10 of the Streets and Highways Code, as permitted by Sections 8880-8886 of the Streets and Highways Code. -2-