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H . • RESOLUTION NO. 101-88 RESOLUTION AUTHORIZING ISSUANCE OF BONDS SEWER ASSESSMENT DISTRICT NO. 11 The City Council of the Town of Los Altos Hills resolves: Section 1. RECITALS. On December 16, 1987, the City Council of the Town of Los Altos Hills adopted its resolution of intention, as later amended, to order improvements in Sewer Assessment District No. 11, Town of Los Altos Hills, Santa Clara County, California, under the provisions of the Municipal Improvement Act of 1913 (the "Act") , as amended. Proceedings taken under the Act led to the levy • of a special assessment by the City Council against parcels of land within the assessment district in the total amount of $523 , 178. 00. These assessments were recorded in the office of the County Recorder of the County of Santa Clara, and thereupon became a lien on each parcel assessed. The period within which parcel owners might pay their assessments in cash without interest has expired. Section 2 . ISSUANCE OF BONDS. The City Council hereby authorizes the issuance of improvement bonds under the provisions of the Improvement Bond Act of 1915 to represent unpaid assessments in the amount of $448,438.28. The bonds shall be designated, "Limited Obligation Improvement Bond, Town of Los Altos Hills, Sewer Assessment District No. 11, Series No. 88-A. " Bonds shall be issued in denominations of $5000 or integral multiples thereof, except for Bond No. 1, which shall be an odd amount, and shall be dated October - 12, 1988. Bonds shall mature and shall bear interest at the rates set forth in the table attached as Exhibit A. Section 3 . APPOINTMENT OF PAYING AGENT, REGISTRAR AND TRANSFER AGENT. The City Council hereby appoints the Bank of America National Trust and Savings Association as paying agent, registrar and transfer agent for the bonds in accordance with an agreement between the Town of Los Altos Hills and Bank of America NT&SA. Section 4. FORM AND EXECUTION. Bonds shall be issued as fully registered bonds substantially in the form set forth as Exhibit B to this resolution. The bonds shall be signed by the City Treasurer and the City Clerk and the seal of the Town shall be affixed. Both signatures and seal may be reproduced on the bonds by facsimile, but upon its registration or reregistration each bond shall be authenticated by the manual signature of the registrar. The paying agent shall assign to each bond authenticated and registered by it a distinctive letter, or number, or letter and number, and shall maintain a record thereof which shall be available' to the Town for inspection.