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(e) A public purpose will be served by establishing a contractual assessment <br />program, to be known as the CaliforniaFIRST Program, pursuant to which California <br />Communities will finance the installation of Authorized Improvements to residential, commercial, <br />industrial, or other real property in the County. <br />Section 2. Determination of Public Interest. California Communities hereby <br />determines that (a) it would be convenient, advantageous, and in the public interest to designate <br />an area, which shall encompass the entire geographic territory within the boundaries of the <br />County, within which California Communities and property owners within the County may enter <br />into contractual assessments to finance the installation of Authorized Improvements pursuant to <br />Chapter 29 and (b) it is in the public interest for California Communities to finance the <br />installation of Authorized Improvements in the County pursuant to Chapter 29. <br />Section 3. Identification of Authorized Improvements. California Communities <br />hereby declares that it proposes to make contractual assessment financing available to property <br />owners to finance installation of Authorized Improvements, including but not limited to those <br />improvements detailed in the Report described in Section 7 below, as that Report may be <br />amended from time to time. <br />Section 4. Identification of Boundaries. Contractual assessments may be entered into <br />by property owners located within the entire geographic territory of the County; provided, <br />however, that California Communities shall not enter into contractual assessments to finance the <br />installation of Authorized Improvements with the owner of any property in the County unless <br />requested to do so first by the County if the property is located in unincorporated territory or a city <br />if the property is located in incorporated territory and after such city or the County, as applicable, <br />has held a public hearing pursuant to Section 6586.5 of the Government Code of the State of <br />California. The form of resolution pursuant to which cities may request California Communities <br />to enter into contractual assessments to finance the installation of Authorized Improvements is <br />attached as Exhibit A. <br />Section 5. Proposed Financing Arrangements. Under Chapter 29, California <br />Communities may issue bonds pursuant to Chapter 29 that are payable by contractual <br />assessments and California Communities may advance its own funds to finance work to be <br />repaid through contractual assessments, and may from time to time sell bonds to reimburse <br />itself for such advances. Division 10 (commencing with Section 8500) of the Streets & <br />Highways Code of the State (the "Improvement Bond Act of 1915") shall apply to any bonds <br />issued pursuant to Chapter 29, insofar as the Improvement Bond Act of 1915 is not in conflict <br />with Chapter 29. <br />California Communities shall determine the creditworthiness of a property owner to <br />participate in the financing of Authorized Improvements based on the criteria developed by the <br />Program Manager in consultation with the CaliforniaFIRST Program financing team and on file <br />with the Secretary. <br />In connection with bonds issued under the Improvement Bond Act of 1915 that are <br />payable from contractual assessments, serial and/or term improvement bonds shall be issued <br />in such series and shall mature in such principal amounts and at such times (not to exceed 20 <br />years from the second day of September next following their date) and at such rate or rates of <br />interest (not to exceed the maximum rate permitted by applicable law) as shall be determined <br />by California Communities at the time of the issuance and sale of the bonds. The provisions <br />