A. Upon receipt of monies representing assessments collected by the county, the City Treasurer shall deposit the monies to the credit of an assessment fund for the benefit assessment district for which they were collected, and the money shall be expended only for the improvements or services, or both, authorized for such district.
B. If there is a surplus or a deficit in the assessment fund of a district at the end of any fiscal year, the surplus or deficit shall be carried forward to the next annual assessment to be levied within such district and applied as a credit or debit, as the case may be, against the next annual assessment. This amount shall be adjusted based upon the required balance in the reserves and may not exceed the amount that can be collected based upon the voter approved maximum rates as adjusted by any applicable inflator.
C. If there is a deficit in the assessment fund of a district during any fiscal year, the City Council, from any available and unencumbered funds of the City is not obligated to but may provide for the following adjustments to funds or services:
1. A contribution to the assessment fund.
2. A temporary advance to the assessment fund and direct that the advance be repaid from future annual assessments levied and collected within the district.
3. Reduce levels of service provided to accommodate available funds.
D. The City Council may accept contributions from any source toward payment of the costs of the improvements or services. The City Council, at any time either before or after the confirmation of the assessment, may provide for contributions toward payment of such costs from the funds of the City. All contributions shall be deposited in the assessment fund of the district for which the contribution was provided.
E. All contributions authorized prior to confirmation of an assessment shall be deducted from the total assessment costs to be assessed within the district. Temporary advances shall not be so deducted.
('65 Code, § 33I-17) (Ord. No. 87-012 § 1; Ord. No. 91-014 §§ 22, 23; Ord. No. 2012-004 § 1 (part))