Ordinance 2842-05 - Laserfiche WebLink

• A special fund is hereby created, to be called the Downtown Business Improvement Area Fund, District No. 1, hereafter call the"District Fund," into which shall be deposited: A. All revenues from special assessments levied under this ordinance. B. Interest, late charges, penalties, and income from the investment of fund deposits. C. Gifts and donations to the fund. D. Restitution moneys for expenditures made from the fund and reimbursement due to the fund. Section 10. EXPENDITURES. Expenditures from the District Fund as may be authorized by the City Council shall be used exclusively for the purposes specified in this ordinance and shall not be used for any other purpose. Section 11. ADMINISTRATION. The Mayor, or the Mayor's designee, shall administer the District for the City, with authority to: A. Determine the lineal footage and assessed valuation (according to the records of the Assessor of Snohomish County), of property for assessment purposes; B. Collect the special assessments, refund special assessments when overpaid, and extend the deadline for payment and/or waive delinquency charges and interest whenever the delinquency is the result of the failure by the City to provide a statement of the amount due, or nonpayment results from extenuating circumstances beyond the ratepayer's control, such as a casualty loss, causing bankruptcy; C. Determine and apply the interest rate for late payments contemplated by Section 17; D. Take such other action as is necessary and appropriate to carry out contemplated programs with special assessments; E. Direct the appropriate officers of the City to pursue collection procedures, including bringing legal civil actions in district or superior court to collect any unpaid assessments and to collect such unpaid assessments by foreclosure action against the property on which it is assessed in accordance with laws applicable to foreclosure of local improvement district liens, and/or to collect by civil action such unpaid assessment by judgment against the owner owing the assessment. F. Call and conduct an annual meeting of rate payers between March 1 and May 15 of each year so as to obtain information to assist in the administration of the BIA. Section 12. ANNUAL BUDGET/ANNUAL ASSESSMENT AMOUNT. After consultation, as may be provided in the management contract, with the Downtown Everett Association, or similar organization, , the Mayor or his designee shall submit to the City Council, on or before November 1 of any year, or as soon thereafter as practicable,a statement of the proposed programs and activities to be conducted during the ensuing fiscal year, the proposed annual budget, and a statement of any adjustment to the assessment rates required for financing the proposed activities and budget for the ensuing fiscal year. The City Council, after receipt of 5