Prior to the adoption of a resolution of intention relative to any developer requested improvement district, the developer representing the owner or owners of the property therein shall advance to the City the estimated costs of organizing, engineering and developing the proposed assessment district, in such amount and payable at such times as the Director of Development Services shall designate. Such advancement of funds shall be utilized solely for the expenses of organizing, engineering and developing the proposal for such district. In the event the district fails at the public hearing or is otherwise terminated for any reason, or the bonds are not sold, such portion of the advancement representing actual costs to the City in preparing for such improvement district, including administrative costs, shall be held by the City, as reimbursement for such expense, and any surplus remaining shall be returned to the person or persons depositing such funds. If the improvement district is finalized and bonds are sold, the expenses shall be reimbursed to the City from bond proceeds; and the entire amount deposited shall be returned to the person or persons depositing such funds.
(Ord. MC-1027, 9-09-98; Ord. MC-149, 4-07-82)