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specify the number of annual installments and the fiscal years during which they are to be collected. The amount of <br /> debt service to retire the bonds shall not exceed the amount of revenue estimated to be raised from assessments over <br /> 30 years. <br /> (c)Notwithstanding any other provision of this part, assessments levied to pay the principal and interest on any bond <br /> issued pursuant to this section shall not be reduced or terminated if doing so would interfere with the timely <br /> retirement of the debt. <br /> 36650. Report by owners' association; Approval or modification by city council <br /> (a)The owners' association shall cause to be prepared a report for each fiscal year, except the first year, for which <br /> assessments are to be levied and collected to pay the costs of the improvements, maintenance, and activities <br /> described in the report. The owners' association's first report shall be due after the first year of operation of the <br /> district. The report may propose changes, including, but not limited to,the boundaries of the property and business <br /> improvement district or any benefit zones within the district, the basis and method of levying the assessments, and <br /> any changes in the classification of property, including any categories of business, if a classification is used. <br /> (b)The report shall be filed with the clerk and shall refer to the property and business improvement district by name, <br /> specify the fiscal year to which the report applies, and, with respect to that fiscal year, shall contain all of the <br /> following information: <br /> (1)Any proposed changes in the boundaries of the property and business improvement district or in any <br /> benefit zones or classification of property or businesses within the district. <br /> (2)The improvements,maintenance,and activities to be provided for that fiscal year. <br /> (3)An estimate of the cost of providing the improvements,maintenance,and activities for that fiscal year. <br /> (4)The method and basis of levying the assessment in sufficient detail to allow each real property or <br /> business owner, as appropriate, to estimate the amount of the assessment to be levied against his or her property or <br /> business for that fiscal year. <br /> (5)The estimated amount of any surplus or deficit revenues to be carried over from a previous fiscal year. <br /> (6)The estimated amount of any contributions to be made from sources other than assessments levied <br /> pursuant to this part. <br /> (c)The city council may approve the report as filed by the owners' association or may modify any particular <br /> contained in the report and approve it as modified. Any modification shall be made pursuant to Sections 36635 and <br /> 36636. <br /> The city council shall not approve a change in the basis and method of levying assessments that would impair an <br /> authorized or executed contract to be paid from the revenues derived from the levy of assessments, including any <br /> commitment to pay principal and interest on any bonds issued on behalf of the district. <br /> 36651. Designation of owners'association to provide improvements and activities <br /> The management district plan may, but is not required to, state that an owners' association will provide the <br /> improvements, maintenance, and activities described in the management district plan. If the management district <br /> plan designates an owners' association, the city shall contract with the designated nonprofit corporation to provide <br /> services. <br /> 36660. Renewal of district;Transfer or refund of remaining revenues; District term limit <br /> (a)Any district previously established whose term has expired, or will expire, may be renewed by following the <br /> procedures for establishment as provided in this chapter. <br /> (b)Upon renewal, any remaining revenues derived from the levy of assessments, or any revenues derived from the <br /> sale of assets acquired with the revenues,shall be transferred to the renewed district. If the renewed district includes <br /> additional parcels or businesses not included in the prior district, the remaining revenues shall be spent to benefit <br /> only the parcels or businesses in the prior district. If the renewed district does not include parcels or businesses <br /> included in the prior district,the remaining revenues attributable to these parcels shall be refunded to the owners of <br /> these parcels or businesses. <br /> (c)Upon renewal, a district shall have a term not to exceed 10 years, or, if the district is authorized to issue bonds, <br /> until the maximum maturity of those bonds. There is no requirement that the boundaries, assessments, <br /> improvements,or activities of a renewed district be the same as the original or prior district. <br /> Management District Plan 22 <br /> April 21, 2015 <br />