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proposal to dispose of any assets acquired with the revenues of the assessments levied within the <br /> property and business improvement district. The notice of the hearing on disestablishment required <br /> by this section shall be given by mail to the property owner of each parcel or to the owner of each <br /> business subject to assessment in the district, as appropriate. The city shall conduct the public <br /> hearing not less than 30 days after mailing the notice to the property or business owners. The public <br /> hearing shall be held not more than 60 days after the adoption of the resolution of intention. <br /> 36671. (a) Upon the disestablishment of a district, any remaining revenues, after all outstanding <br /> debts are paid, derived from the levy of assessments, or derived from the sale of assets acquired with <br /> the revenues, or from bond reserve or construction funds, shall be refunded to the owners of the <br /> property or businesses then located and operating within the district in which assessments were <br /> levied by applying the same method and basis that was used to calculate the assessments levied in <br /> the fiscal year in which the district is disestablished. All outstanding assessment revenue collected <br /> after disestablishment shall be spent on improvements and activities specified in the management <br /> district plan. (b) If the disestablishment occurs before an assessment is levied for the fiscal year, the <br /> method and basis that was used to calculate the assessments levied in the immediate prior fiscal year <br /> shall be used to calculate the amount of any refund. <br /> Tri- Valley Tourism Business Improvement District Management District Plan Page 20 <br />