Downtown Everett Association 3/15/2018 Amendment 1

the assessment rates as set forth in Section 5 of this ordinance, then such rates shall be adjusted on a pro rata basis in an amount which, when multiplied by the total assessable land square footage and assessed value in the District, will produce a total sum equal to the approved total budget amount for the annual period for which the special assessment is being made. Any unexpected and unobligated budgeted amount remaining at the end of any annual assessment period, and any assessments or funds collected and deposited in the District Fund in excess of the amount authorized to be expended for the annual assessment period in which such excess amounts arc received may be expended as may be authorized by the next annual BIA budget approved by the City Council. or as may be authorized by amendment to the current annual budget pursuant to Section 20 of this ordinance. Section 7. Exemptions. Property owned by the State. County, and Federal government shall be exempt from the special assessment. provided that nothing herein shall preclude the State. County, or Federal government from agreeing to make payment for any such assessment. Section S. Collection Schedule. • Insofar as is consistent with this ordinance and Chapter 35.87A RCW, special assessments shall be collected on a monthly basis, with payments due thirty (30)days from the date of billing, or the first City business day thereafter,or within thirty(30) days after the mailing to the property owner of the first notice of the amount of the quarterly special assessment due (whichever date is later). Upon termination of the BiA. pursuant to Section 19 or otherwise, no refunds for overpayments of assessments shall be made to persons paying such overpayments unless there arc sufficient funds in the District Fund to pay such overpayments, after payment of all other costs, debts, or liabilities incurred on or payable from the District Fund. If there arc sufficient funds remaining to refund some of the overpayments, but not all, such refunds shall be pro-rated among those who have made timely claims pursuant to Section 16 herein and are entitled to refunds for overpayment. Section 9. Deposit Into Fund. A special fund is hereby created, to be called the Downtown Business Improvement Area Fund, District No. 1, hereafter called 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. Page 4 of 11