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17.18.010 General Obligation Improvement Warrants Authorized.

(Amended by Ordinance Nos. 140586, 141599, 146747 and 157298, effective May 2, 1985.) Notwithstanding other provisions of this Code, the Council hereby authorizes the financing of local improvements by the issuance of general obligation improvement warrants in accordance with the procedures provided by State law except as otherwise provided herein. General obligation improvement warrants may be issued when authorized by ordinance in an amount equal to the indebtedness to be incurred by the City in constructing the local improvement including all costs of land acquisition, advertising, engineering and superintendence fees, and any special preliminary services or studies that may be assessed on benefited property, and an amount equal to the amount to be paid by the City to the contractor for the construction of a local improvement, not exceeding the bid price of each contract plus 15 percent for approved change orders. If the local improvement has not yet been bid and a successful bidder accepted, the engineer’s estimate for construction cost may be used.