If, on 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 first day of each fiscal year thereafter that the assessment district remains in effect, the total annual assessment levied during the preceding fiscal year exceeded the actual cost of operating and maintaining the public improvements to be funded with assessment district revenues during such preceding fiscal year, then the total annual assessment levied against property within the assessment district during the ensuing fiscal year shall be reduced by a credit equal to the difference between the total annual assessment levied during the preceding fiscal year and the actual cost of operating and maintaining the public improvements to be funded with assessment district revenues during such preceding fiscal year. In particular, the total annual assessment levied against all property within the maintenance assessment district shall be reduced during the ensuing fiscal year, and only during the ensuing fiscal year, by an amount equal to the difference between the total annual assessment levied during the preceding fiscal year and the total cost of operating and maintaining the public improvements to be funded with assessment district revenues during such preceding fiscal year, and the annual assessment levied against each individual lot or parcel within the boundaries of the assessment district shall be reduced during the ensuing fiscal year, and only during such ensuing fiscal year, by a portion of such amount which is calculated by the director using the method of apportionment set forth in the city engineer’s report as approved by the city council at the time the district was established.
(Ord. 2129, Ord. 2364 §72)