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1 <br /> <br />2 <br /> <br />3 <br /> <br />4 <br /> <br />5 <br /> <br />6 <br /> <br />7 <br /> <br />8 <br /> <br /> 9 <br /> <br />10 <br /> <br /> 11 <br /> <br /> 12 <br /> <br />~3 <br /> <br />14 <br /> <br />15 <br /> <br />16 <br /> <br />17 <br /> <br />18 <br /> <br />19 <br /> <br />20 <br /> <br /> 21 <br /> <br />22 <br /> <br />23 <br /> <br />2~ <br /> <br />25 <br /> <br />26 <br /> <br />27 <br /> <br />CITY ATTORNEY <br />RIVERSIDE <br />CALIFORNIA <br /> <br /> RESOLUTION NO. 17659 <br /> <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br /> RIVERSIDE, CALIFORNIA, PROVIDING FOR THE PURCHASE <br /> OF THE ASSIGNMENT OF THE WARRANT, ASSESSMENT AND <br /> DIAGRAM, AND ALLOWING THE CITY TO COMPENSATE THE <br /> CONTRACTOR AS IN ANY OTHER PUBLIC WORKS CONTRACT, <br /> AND AS PERMITTED BY SECTIONS 5135, 5135.5, 5374.1 <br /> AND 5375 OF THE STREETS AND HIGHWAYS CODE OF THE <br /> STATE OF CALIFORNIA; AND AMENDING RESOLUTION OF <br /> INTENTION NO. 17308 IN THOSE RELEVANT PARTS. <br /> <br /> WHEREAS by Resolution No. 17308, adopted on November 7, <br /> 1989, the City Council of the City of Riverside declared its <br /> intention to order an improvement in a portion of University Drive <br /> between Canyon Crest Drive and Box Springs Boulevard and unnamed <br /> easements in the proposed University Knolls Sewer Assessment <br /> District by proceedings pursuant to the Improvement Act of 1911, <br /> and fixing the time and place for hearing objections and protests; <br /> and <br /> <br /> WHEREAS by Resolution No. 17540, adopted July 24, 1990, <br /> the City Council of Riverside declared its intention to order the <br /> Improvement Bonds to bear interest at the rate of eight percent <br /> (8%) per annum; and <br /> <br /> WHEREAS the advertising for bids for the contract has <br />shown that the method of financing small projects pursuant to the <br />Improvement Act of 1911 which requires the successful bidder to <br />market the bonds, is unsatisfactory in that the City was unable to <br />obtain competent bids for the project; and <br /> <br /> WHEREAS the City Council has determined that it is in the <br />best interests of the property owners and the City to obtain <br />competent bids, and this is best accomplished by providing an <br />option to the contractor to receive progress payments as in any <br /> <br /> <br />