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Parcels A & B, Tract 6590 Parcels B, D & E, Tract 6951 City Water Reservoirs (2) $-0- per annum $338 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 2007-2008 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 GRAD, 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. PASSED, APPROVED AND ADOPTED by the City Council of the City of Pleasanton, as the Board of Directors of the Laurel Creek Estates Geologic Hazard Abatement District, at a meeting held on June 19, 2007. I, Karen Diaz, Clerk for the Laurel Creek Estates GHAD, certify that the foregoing resolution was adopted by the Board of Directors at a meeting held on the 19th of June, 2007, by the following vote: Ayes: Boardmembers - Noes: Absent: Abstain: Karen Diaz, Clerk for the Laurel Creek Estates GHAD