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(b)The resolution adopted pursuant to subdivision (a)shall generally describe the proposed improvements specified in the resolution of formation adopted pursuant to Section 36625, set forth the estimated cost of those improvements,specify the number of annual installments and the fiscal years during which they are to be collected.The amount of debt service to retire the bonds shall not exceed the amount of revenue estimated to be raised from assessments over 30 years. (c)Notwithstanding any other provision of this part,assessments levied to pay the principal and interest on any bond issued pursuant to this section shall not be reduced or terminated if doing so would interfere with the timely retirement of the debt. CHAPTER 4.Governance 36650. Report by owners'association;Approval or modification by city council (a)The owners'association shall cause to be prepared a report for each fiscal year,except the first year,for which assessments are to be levied and collected to pay the costs of the improvements, maintenance, and activities described in the report. The owners' association's first report shall be due after the first year of operation of the district.The report may propose changes,including,but not limited to,the boundaries of the property and business improvement district or any benefit zones within the district,the basis and method of levying the assessments, and any changes in the classification of property, including any categories of business,if a classification is used. (b)The report shall be filed with the clerk and shall refer to the property and business improvement district by name,specify the fiscal year to which the report applies,and,with respect to that fiscal year,shall contain all of the following information: (1)Any proposed changes in the boundaries of the property and business improvement district or in any benefit zones or classification of property or businesses within the district. (2)The improvements,maintenance,and activities to be provided for that fiscal year. (3)An estimate of the cost of providing the improvements,maintenance,and activities for that fiscal year. (4)The method and basis of levying the assessment in sufficient detail to allow each real property or business owner,as appropriate,to estimate the amount of the assessment to be levied against his or her property or business for that fiscal year. (5)The estimated amount of any surplus or deficit revenues to be carried over from a previous fiscal year. (6)The estimated amount of any contributions to be made from sources other than assessments levied pursuant to this part. (c)The city council may approve the report as filed by the owners' association or may modify any particular contained in the report and approve it as modified. Any modification shall be made pursuant to Sections 36635 and 36636. The city council shall not approve a change in the basis and method of levying assessments that would impair an authorized or executed contract to be paid from the revenues derived from the levy of assessments, including any commitment to pay principal and interest on any bonds issued on behalf of the district. 36651.Designation of owners'association to provide improvements,maintenance,and activities The management district plan may, but is not required to, state that an owners' association will provide the improvements,maintenance,and activities described in the management district plan. If the management district plan designates an owners'association,the city shall contract with the designated nonprofit corporation to provide services. CHAPTER 5.Renewal 36660. Renewal of district;Transfer or refund of remaining revenues; District term limit (a)Any district previously established whose term has expired,or will expire,may be renewed by following the procedures for establishment as provided in this chapter. (b)Upon renewal, any remaining revenues derived from the levy of assessments,or any revenues derived from the sale of assets acquired with the revenues,shall be transferred to the renewed district. If the renewed district includes additional parcels or businesses not included in the prior district, the remaining revenues TVTMD Management District Plan VISIT 25 October 19,2021 california