The City Recorder shall disburse funds collected for the district to Canby Business Development (CBD) bi-monthly, commencing May 15, 2003, to accomplish the purposes set forth in § 4.24.160. Effective May 22, 2006, all interest charged and collected by the city, together with past due assessments received shall be distributed to CBD with the next bi-monthly payment from the city to CBD. No funds shall be distributed if the CBD ceases to exist for the purposes set forth in its adopted bylaws or if bylaws are amended so as to be in conflict with the enabling legislation contained in O.R.S. Chapter 223 or in § 4.24.160.
(Ord. 1113, passed 2-19-2003; Am. Ord. 1160, passed 10-20-2004; Am. Ord. 1219, passed 9-6-2006)