A. Upon approval of a special tax pursuant to Subsection A of Section 6.730, the special tax may be levied only at the rate and may be apportioned only in the manner specified in the ordinance of formation, except as provided in Article 3 of this Chapter, and except that the legislative body may levy the special tax at a rate lower than that specified in the ordinance of formation. In addition, the special tax may be levied only so long as it is needed to pay the principal and interest on Debt incurred in order to construct facilities under authority of this Chapter, or so long as it is needed to pay the costs and incidental expenses of services or of the construction or maintenance of facilities authorized by this Chapter.
B. The legislative body of the Community Taxing District shall establish and maintain a Special Tax Fund into which shall be deposited all special taxes received by the Community Taxing District. All amounts in the Special Tax Fund, including any accrued interest, shall be used only for the enumerated purposes set forth in this Chapter.
C. When the Council determines that the special tax shall cease to be levied, the Council shall direct the City Clerk to record a Notice of Cessation of Special Tax, which shall state that the obligation to pay the special tax has ceased and that the lien imposed by the Notice of Special Tax Lien is extinguished. The Notice of Cessation of Special Tax shall identify the book and page of the Book of Maps of Assessment and Community Facilities Districts wherein the map of the boundaries of the District is recorded, and wherein the Notice of Special Tax Lien is recorded.
SECTION HISTORY
Added by Ord. No. 177,051, Eff. 11-20-05.