Downtown Everett Association 3/15/2018 Amendment 1

the annual special assessment amount for the BIA. requesting termination of the BIA and special assessment levy, or by Resolution and Ordinance of the City Council. The BIA and the special assessment levy therefore shall continue for a period of five years from the effective date of this ordinance unless. at least ninety days prior to such termination, a petition is submitted to the City requesting the continued existence of the BIA, with such petition containing the signatures of the owners of property in the BIA who will pay sixty percent or more of the annual special assessment for the 131A. or the City Council gives notice of intent to extend the BIA through resolution and public hearing, pursuant to Chapter 35.87A RCW. Section 20. Changes in Budget. l I'the City Council finds that: (1) by reason of changed conditions or unanticipated circumstances. it is in the best interest of the participants in the BIA to provide changes to the approved budget: or(2)changes in the approved budget are necessary in order to best meet the objectives or purposes for which the BIA was formed: or (3) the total assessments collected are greater or less than anticipated. then the City Council may. by ordinance, amend the budget and reallocate the funding for the particular programs or services to be provided, and to provide funding for such other purposes as may be necessary. and determined by the City Council. to best serve the purposes for which the BIA was formed, in light of the conditions or unanticipated circumstances which then exist. Section 21. Disestablishment of Area—Assets and Liabilities. In accordance with RCW 35.87A.190, upon disestablishment, termination, and dissolution of the BIA. any proceeds of the special assessments or assets acquired with such proceeds, or liabilities incurred as a result ofthe formation of such BIA,shall be subject to disposition as the City Council shall determine: provided. however. that any liabilities, either current or future, incurred as a result of action taken to accomplish the purposes of RCW 35.87A.010 or the purposes of the BIA shall not be an obligation of the General Fund or any special fund of the City of Everett, but such liability shall be provided for entirely from available revenues generated from the special assessments under this ordinance. Section 22. Transfer of Assets and Assumption of Liabilities. All assets of the BIA established under Ordinance No. 2842-05 and disestablished by Resolution are transferred to the BIA established under this Ordinance. All liabilities of such BIA are assumed by the BIA established under this Ordinance. Section 23. Severability. Should any section. subsection, paragraph, sentence, clause, phrase, or portion of'this Ordinance or its application to any person or situation, be declared unconstitutional or invalid for any reason, such decision shall not affect the validity of the remaining portions of this Ordinance or its application to any other person or situation. The City Council hereby declares that it would have adopted this Ordinance and each section, subsection, paragraph, sentence, clause, phrase. or Page 8 of 11