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05/24/2010 <br />assessment for the years covered. On July 11, 2005, a property owner election was <br />called and all owners voted in favor of the five -year budget covering 2005 -2010 and <br />approved the assessment for the years covered. <br />(f) In accordance with Section 18.104 of the Ordinance, the City Manager's <br />Report for the District has been prepared and submitted to this Council setting forth a <br />budget, the formula or formulae for the annual assessment levy and related <br />information; additionally, in accordance with the provisions of Section 4(b) of Article <br />XIIID of the California Constitution, as added by Proposition 218, an Engineer's Report <br />pertaining to the assessments proposed to be levied on properties within the District, <br />accompanying the City Manager's Report, has been prepared and submitted to this <br />Council for approval. <br />(g) The annual assessments proposed to be levied on properties within the <br />District, as set forth in the aforesaid Manager's and Engineer's Reports (collectively, the <br />"Reports "): <br />(i) have been established pursuant to a 5 -year budget for fiscal years <br />2010 -2011 through 2014 -2015, <br />(ii) are subject to a maximum cumulative assessment equal to the sum <br />total of the projected budgets for such 5 -year period, <br />(iii) are limited to a maximum annual assessment during such 5 -year <br />period equal to the year with the largest projected budget, <br />such assessments in each year to be allocated among specially benefited parcels <br />subject to assessment pursuant to the method of assessment previously approved <br />pursuant to Resolution No. 9859. <br />#15023 <br />Muff #507 <br />