This chapter is adopted pursuant to the "Parking and Business Improvement Area Law of 1979," being Section 36500 et seq. of the California Streets and Highways Code, and Resolution of Intention No. 84-874, adopted by the city council on October 16, 1984, and entitled "A resolution of the city council of the city of Sacramento, California, declaring its intentions to establish business improvement area in the Old Sacramento area, to provide for the levying of charges on specified businesses conducted within such area, classifying various businesses for such purposes, describing the boundaries of the proposed area, the authorized uses to which the proposed revenues shall be put, the rate of such charges, fixing the time and place of a hearing to be held by the city council to consider the establishment of such an area, and directing the giving of notice of such hearing." Such resolution was published and mailed as provided by law, and hearings thereon were held by the city council at its regular meeting on October 30, 1984, at which time all persons desiring to be heard, and all objections made or filed, were fully heard. The city council duly concluded the hearing on October 30, 1984, and determined that protests objecting to the formation of the area have not been made by a majority of the businesses within the area and that such protests are overruled and denied. The city council finds that the businesses and improvement area, in the opinion of the city council, will be benefited by the expenditure of the funds raised by the charges proposed to be levied. (Prior code § 23.08.725)