SEC. 15-108. PURCHASE PRICE.

   The purchase price shall be the market value thereof at the time of the filing of the tentative subdivision map plus the taxes against the reserved area from the date of the reservation and any other costs incurred by the subdivider in the maintenance of the reserved area, including any applicable interest costs incurred on any loan covering the reserved area.

(`64 Code, Sec. 27-76) (Ord. No. 1570)

SEC. 15-109. TERMINATION.

   If the public agency for whose benefit an area has been reserved does not enter into an agreement with the subdivider, the reservation of the area shall automatically terminate.

(`64 Code, Sec. 27-77) (Ord. No. 1570)

DIVISION 4. SCHOOL FACILITIES

SEC. 15-115. TITLE.

   This division shall be known and may be cited as the “School Facilities Fee Ordinance.”

(`64 Code, Sec. 27-77.1) (Ord. No. 1781)

SEC. 15-116. AUTHORITY.

   This division is adopted pursuant to the provisions of Cal. Gov't Code, Chapter 4.7, commencing with Section 65970, of Division 1 of Title 7.

(`64 Code, Sec. 27-77.2) (Ord. No. 1781)

SEC. 15-117. PURPOSE.

   The purpose of this division is to provide a method for financing interim school facilities necessitated by conditions of overcrowding caused by new residential developments.

(`64 Code, Sec. 27-77.3) (Ord. No. 1781)

SEC. 15-118. REGULATIONS.

   The city council may, from time to time, by resolution issue regulations to provide for the administration and implementation of this division.

(`64 Code, Sec. 27-77.4) (Ord. No. 1781)