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1 2 6 7 8 9 lo 11 12 ~3 ~5 ~6 ~8 ~9 20 21 22 23 25 26 2~ CITY ATTORNEY RIVERSIDE CALIFORNIA RESOLUTION NO. 17660 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RIVERSIDE, CALIFORNIA, AMENDING THE INTEREST RATE ON THE IMPROVEMENT BONDS TO BE ISSUED IN THE UNIVERSITY KNOLLS SEWER ASSESSMENT DISTRICT TO NOT MORE THAN EIGHT PERCENT AS PERMITTED BY SECTION 6461(c) OF THE STREETS AND HIGHWAYS CODE OF THE STATE OF CALIFORNIA. WHEREAS by Resolution No. 17308, adopted on November 7, 1989, the City Council of the City of Riverside declared its intention to order an improvement in a portion of University Drive between Canyon Crest Drive and Box Springs Boulevard and unnamed easements in the proposed University Knolls Sewer Assessment District by proceedings pursuant to the Improvement Act of 1911, and fixing the time and place for hearing objections and protests; and WHEREAS by Resolution No. 17540, adopted July 24, 1990, the City Council of Riverside declared its intention to order the Improvement Bonds to bear interest at the rate of eight percent (8%) per annum; and WHEREAS should the City elect to purchase the Improvement Bonds the current resolution provides that the bonds shall bear interest at the rate of eight percent per annum; and WHEREAS it is desirable that should the City market the bonds for this 1911 Act Sewer Assessment District the City obtain the most desirable rate of interest not to exceed eight percent per annum; NOW, THEREFORE, BE IT RESOLVED, found and determined by the City Council of the City of Riverside, California that the interest provision set forth in Resolution No. 17540 is amended