For any developer-requested improvement district in which the improvements are to be financed by issuance of assessment district bonds, bonds may be authorized and issued by authority of the Mayor and Common Council under the provisions of the 1911 Act, the 1913 Act, the 1915 Act, or any other state law or any ordinance or provision of the San Bernardino Municipal Code, as the Mayor and Common Council may determine. For any such issuance, an administrative fee of one percent of the total bond issue shall be paid to the City's Assessment District Reserve Fund to be used exclusively for the financing of assessment districts as authorized by the Mayor and Common Council. Such fee shall be paid out of the proceeds of the sale of the bonds, and shall be in addition to any other applicable fees, charges or incidental expenses.
(Ord. MC-467, 7-16-85; Ord. MC-149, 4-07-82)