If, on the first day of the city fiscal year commencing on July 1st following the establishment of a maintenance assessment district in the manner provided by this chapter, and on the first day of each fiscal year thereafter that the assessment district remains in effect, there is an increase in the cost of operating and maintaining the public improvements to be funded with assessment district revenues, as measured by an increase in the consumer price index during such period of time, then the total annual assessment levied against all properties within the assessment district, as well as the proportional annual assessment levied against each lot or parcel within the boundaries of the assessment district shall also be increased in proportion to the increase in such costs. The determination of whether there has been an increase in such costs and the amount of the increase in such assessments which is proportional to the increase in such costs shall be made by the director and shall be based exclusively on the percentage increase during such period of time in the consumer price index published by the Federal Bureau of Labor Statistics for all Urban Consumers - U.S. Cities Average (all items) or such other measure employed by the U.S. Department of Labor Statistics in lieu of such consumer price index which measures the cost of living in U.S. cities.
(Ord. 2129, Ord. 2364 §71)