Pursuant to Cal. Gov’t Code § 66483, the fees paid by the owners of the parcels of property identified on Exhibit B to Ordinance No. 1673 (hereinafter the ‘excluded parcels’) shall be utilized for the reimbursement of the costs of the construction of the drainage facilities as follows.
(A) Each person who has paid an installment on an assessment on any parcel in Assessment District No. 79-2 which was assessed for the cost of the construction of the drainage facilities (hereinafter the ‘drainage assessment(s)’) and the drainage assessment for which has been increased as a result of the exclusion of the excluded parcels from the assessment district (the parcels with such increases being hereinafter referred to as the ‘increased assessment parcels’) shall receive a pro rata refund in an amount representing the portion of each such installment which relates to the increase in the drainage assessment thereon, as determined by the city.
(B) The balance, if any, of each such fee remaining after the refunds provided for in division (A) of this section have been made shall be deposited to the redemption fund for Assessment District No. 79-2 and utilized for the payment of principal and interest on the bonds of the assessment district. At the time of each such deposit to the redemption fund, a pro rata portion of the amount thereof shall be credited on the drainage assessment of each increased assessment parcel.
(C) The pro rata refunds and credits provided for in divisions (A) and (B), respectively, shall be made based on the percentage which the increase in the drainage assessment on each increased assessment parcel is of the total of the increases in the drainage assessments on all such parcels.
(D) Notwithstanding the preceding provisions of this section, when the total amount of the refunds and credits provided for in divisions (A) and (B) are equal to the total amount of the increases in the drainage assessments on all of the increased assessments parcels, all fees thereafter paid to the city by owners of excluded parcels shall be deposited to the redemption fund for Assessment District No. 79-2 and utilized for the payment of principal and interest on the bonds of said assessment district. At the time of each such deposit to the redemption fund, a pro rata portion of the amount thereof shall be credited on the assessment on each parcel of property within the assessment district which was assessed a drainage assessment. The pro rata credits shall be made based on the respective amounts of the drainage assessments on all such parcels, without taking into consideration any increase in the drainage assessment on any such parcel resulting from the exclusion from the assessment district of the excluded parcels.
(E) Further notwithstanding the preceding provisions of this section, when an increased assessment parcel or any parcel of property within Assessment District No. 79-2 is subdivided through the recordation of a final subdivision map or parcel therefor and the remaining balance of the assessment levied thereon is apportioned, pursuant to the Improvement Bond Act of 1915, Streets and Highways Code Division 10, to the individual lots in the subdivision and said lots or any of them are sold for occupancy of a residence or industrial or commercial structure thereon, the provisions of divisions (A) and (B) of this section shall no longer be applicable with respect to the individual lots in the subdivision except as to installments on the assessment thereon which were paid prior to the date of the recordation of the grant deed transferring title thereto, and thereafter the city shall only make credits on the remaining balances of the assessments on said lots or parcels pursuant to division (D) of this section.
(F) Further notwithstanding the preceding provisions of this section, if the amount of any fee paid pursuant to this chapter by the owner of any excluded parcel to the city is, in the opinion of the City Treasurer, insufficient in amount to warrant a refund, the Treasurer may, pursuant to Cal. Gov’t Code § 66483(f), accumulate the fees in a ‘planned local drainage facilities fund’ until he or she determines that there is a sufficient amount on deposit in the fund to warrant such a refund and a transfer of the remaining balance of the fees to the redemption fund for the assessment district.
(G) When the bonds for Assessment District No. 79-2 have been fully retired, the amount of any such fees which may be paid thereafter shall be retained in the said planned local drainage facilities fund and utilized as provided in Cal. Gov’t Code §§ 66483.1 and 6683.2.
(`78 Code, § 16.24.154.) (Ord. 1745 § 3, 1984; Ord. 1673 § 3, 1983.)