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SECTION 4. The Board further confirms the assessments, as detailed in the above referenced report submitted by the General Manager, and orders that the amount of said assessments levied against each parcel of property within the GHAD and benefited thereby, shall be as follows: Single Family Residential Lots $362 per annum Tracts 6400, 6590, 7045 6951 Parcels A, B, D, F, G, H, I, N 0, Tract 6400 Parcels A B, Tract 6590 Parcels B, D E, Tract 6951 -0- per annum City Water Reservoirs (2) $362 per annum The foregoing rate shall be adjusted, effective as of July 1 of each fiscal year, to the Engineering News Record Construction Cost Index for the San Francisco Bay Area. SECTION 5. The Board further orders that the amounts set forth above shall be assessed against the property within the GHAD for the 2010 -11 fiscal year and for subsequent fiscal years. SECTION 6. The Board further orders that said assessments shall be levied and collected in the following manner: (a) The City Clerk of the Board shall cause to be recorded a notice of assessments, as provided for in Section 3114 of the California Streets and Highways Code, whereupon the assessments shall attach as a lien upon the property, as provided in said Section 3114 Streets and Highways Code. (b) Thereafter, such assessments shall be payable at the same time and in the same manner as general taxes on real property within the GHAD are payable. (c) All funds generated by such assessments, and all interest earned thereon, shall be kept segregated and in a separate account for the exclusive benefit of the Laurel Creek Estates GHAD, and shall not be deemed at any time to constitute funds credited to the City treasury.. SECTION 7. This resolution shall become effective immediately upon its passage and adoption. SECTION 8. Clerk of the Board shall certify to the passage of this resolution and enter it into the book of original resolutions.