The City Council may elect as authorized by Section 5135 of the Streets and Highways Code to purchase at the option of the contractor an assignment of the entire warrant, assessment and diagram for any improvement authorized by the Improvement Act of 1911 (Div. 7, Streets and Highways Code) where in the opinion of the City Engineer the bond discount may be substantially higher than for bonds of similar projects being processed at approximately the same period of time. In the event the contractor agrees to sell pursuant to his option, only those funds available and unallocated in said herein created and established fund may be used for the purchase by the City of the assignment.
SECTION HISTORY
Based on Ord. No. 134,367.