Reso 1996-086 to 090 - Laserfiche WebLink

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created with respect to the bonds; provided, however, that a determination not to obligate itself shall not prevent the City from, in its sole discretion, so advancing funds. 14. Refunding of Bonds. The bonds may be refunded pursuant to the provisions of Division 11.5 of the California Streets and Highways Code upon the determination of the Council of the City that the public interest or necessity requires such refunding. Such refunding may be undertaken by the Council when, in its opinion, lower prevailing interest rates may allow reduction in amount of the installments of principal and interest upon the assessments to given to owners of property assessed for the works herein described. The refunding bonds shall bear interest at a rate not to exceed that which is stated in the resolution of the Council expressing its intention to issue the refunding bonds, which resolution of intention shall also set forth the maximum term of years of the refunding bonds. Any adjustment to assessments resulting from the refunding will be done on a pro-rata basis. The refunding shall be accomplished pursuant to Division 11.5 (commencing with Section 9500) of the California Streets and Highways Code, except that, if, following the filing of the Engineer's Report specified in Section 9523 and any subsequent modifications of the Engineer's Report, the Council finds that each of the conditions specified in the resolution of intention to issue the refunding bonds is satisfied and that adjustments to the assessments are on a pro-rata basis, the Council may approve and confirm the Engineer's Report and may, without further proceedings, authorize, issue and sell the refunding bonds pursuant to Chapter 3 (commencing with Section 9600) of Division 11.5 of the California Streets and Highways Code. 15. No Private Contract. Notice is hereby given that, in the opinion of this Council, the public interest will not be served by allowing the property owners to take the contract for the construction of the improvements and therefore that, pursuant to Section 20487 of the California Public Contract Code, no notice of award of contract shall be published. 16. City Contributions. Notice is hereby given that it is the intention of this Council to consider adoption of an ordinance, pursuant to Section 10205 of the Streets and Highways Code, authorizing contributions by the City, from any sources of revenue not otherwise prohibited by W