A. The City Council hereby determines as follows:
1. That the cost to implement the City of Culver City Enhanced Watershed Management Program Plan (the "EWMP Plan") throughout the City at the level required to provide for the health, safety, and general welfare of the residents of the City;
2. That the cost to implement the EWMP exceeds the amount of revenues from available sources;
3. That additional revenues are needed to fund a portion of the cost of implementing the EWMP Plan, including financing the operation, administration, maintenance, improvement, environmental restoration, upgrade and replacement of the existing and future storm drainage system, on-site storm water management systems, storm drain conveyance system upgrades, storm water infiltration galleries, green street projects and other multipurpose capital improvement projects;
4. That the levy of a City-wide parcel tax as hereinafter provided is necessary to fund a portion of the foregoing municipal improvements and services.
B. The Ordinance codified in this Chapter was approved by the voters of the City at the consolidated State General Election held on November 8, 2016 by the following vote:
Yes: No:
C. Accordingly, the parcel tax is levied under this Chapter pursuant to the City's Charter, Cal. Gov’t Code §§ 50075 et seq., and other applicable laws. It is hereby expressly provided that, as an exercise of municipal affairs powers, the City shall be authorized to use all or a portion of the tax allocated for capital improvements to pay installments of principal and interest on bonded indebtedness or with respect to leases, or similar instruments for the purposes of providing financing for any capital improvements hereunder.
(Ord. 2016-013 § 1 (part))