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15 <br />A special fund is hereby created, to be called the Downtown Business Improvement Area Fund, <br />District No. 1, hereafter call the "District Fund," into which shall be deposited: <br />A. All revenues from special assessments levied under this ordinance. <br />B. Interest, late charges, penalties, and income from the investment of fund deposits. <br />C. Gifts and donations to the fund. <br />D. Restitution moneys for expenditures made from the fund and reimbursement due <br />to the fund. <br />Section 10. EXPENDITURES. <br />Expenditures from the District Fund as may be authorized by the City Council shall be used <br />exclusively for the purposes specified in this ordinance and shall not be used for any other <br />purpose. <br />Section 11. ADMINISTRATION <br />The Mayor, or the Mayor's designee, shall administer the District for the City, with authority to: <br />A. Determine the lineal footage and assessed valuation (according to the records of <br />the Assessor of Snohomish County), of property for assessment purposes; <br />B. Collect the special assessments, refund special assessments when overpaid, and <br />extend the deadline for payment and/or waive delinquency charges and interest whenever <br />the delinquency is the result of the failure by the City to provide a statement of the amount <br />due, or nonpayment results from extenuating circumstances beyond the ratepayer's control, <br />such as a casualty loss, causing bankruptcy; <br />C. Determine and apply the interest rate for late payments contemplated by Section <br />17; <br />D. Take such other action as is necessary and appropriate to carry out contemplated <br />programs with special assessments; <br />E. Direct the appropriate officers of the City to pursue collection procedures, <br />including bringing legal civil actions in district or superior court to collect any <br />unpaid assessments and to collect such unpaid assessments by foreclosure action <br />against the property on which it is assessed in accordance with laws applicable to <br />foreclosure of local improvement district liens, and/or to collect by civil action <br />such unpaid assessment by judgment against the owner owing the assessment. <br />F. Call and conduct an annual meeting of rate payers between March 1 and May 15 <br />of each year so as to obtain information to assist in the administration of the BIA. <br />Section 12. ANNUAL BUDGET/ANNUAL ASSESSMENT AMOUNT. <br />After consultation, as may be provided in the management contract, with the Downtown Everett <br />Association, or similar organization, , the Mayor or his designee shall submit to the City Council, <br />on or before November 1 of any year, or as soon thereafter as practicable,a statement of the <br />proposed programs and activities to be conducted during the ensuing fiscal year, the proposed <br />annual budget, and a statement of any adjustment to the assessment rates required for financing <br />the proposed activities and budget for the ensuing fiscal year. The City Council, after receipt of <br />5 { <br />�3v <br />