Res20 15915 - Laserfiche WebLink

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11/23/2020 Fees and Expenses (collectively, the "Prepayment Amount"). The owner shall pay the sum of (i), (ii), (iii) and (iv) above no later than June 30 of the current Fiscal Year. With respect to any Parcel that is prepaid in accordance with this Section 7, the City Manager or its designee shall cause a suitable notice to be recorded in compliance with the Act, to indicate the prepayment of the Facilities Special Tax and the release of the Facilities Special Tax lien on such Parcel, and the obligation of such Parcel to pay the Facilities Special Tax shall cease. Services Special Taxes may not be prepaid. SECTION 8 JUSTIFICATION AND APPLICATION OF MAINTENANCE RESERVES Prior to or in connection with the CFD Formation Proceedings and at least ninety (90) days prior to July 1 of each five -Fiscal Year period thereafter, commencing with the five -Fiscal Year period beginning July 1, 2021, the City shall prepare (or cause to have prepared) a Repair and Replacement Plan for Wet Utilities. In connection with the acceptance of the Facilities and at least ninety (90) days prior to each five -Fiscal Year period thereafter, the City shall prepare (or cause to have prepared) a Repair and Replacement Plan for Levees. The City and the Property Owners shall confer and agree on capital repairs set forth in the Repair and Replacement Plan. If the City and the Property Owners cannot agree, then City staff shall seek City Council approval of the proposed Repair and Replacement Plan at a public hearing, at which time the Property Owners can file opposition and present testimony in accordance with City policies and procedures related thereto. The Repair and Replacement Plan adopted by City Council shall govern and shall not be subject to appeal pursuant to Section 9 hereof. For any given Fiscal Year in which there is no a Conditions Report for such Fiscal Year, unless otherwise agreed by the City and the Property Owners, the costs of capital repairs and replacement costs in the Maintenance Budget shall not increase from the previous Fiscal Year by more than the Escalator. In connection with the dissolution of the Maintenance District, the balance in the maintenance reserve being held by the Maintenance District, if any, shall be transferred to an interest-bearing account held by the City on behalf of the CFD to serve as the CFD's initial Maintenance Reserve for the both the Wet Utilities and the Existing Levees. In accordance with the terms of the Purchase Agreement, in connection with the City's acceptance of Facilities, unless otherwise waived or reduced by the Property Owners, the City, after consultation with the Property Owners, shall disburse to the Property Owners the excess of the balance in the Maintenance Reserve above the greater of (i) the projected capital repairs for the next two years for Wet Utilities as set forth in the then current Repair and Replacement Plan for the Wet Utilities, or (ii) three times the average annual projected capital repairs over the five year period for the Wet Utilities set forth in the then current Repair and Replacement Plan for the Wet Utilities ("Initial Acquisition Price Payment"). The balance remaining shall be put in the Maintenance Reserve for Wet Utilities. The initial Maintenance Reserve for Levees shall be in RESO. N0. 15915 MUFF N0. 506 -13-