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The foregoing rate shall be adjusted, effective as of July 1 of each fiscal year, to the <br />Engineering News Record Construction Cost Index for the San Francisco Bay Area. <br />SECTION 5. The Board further orders that the amounts set forth above shall be <br />assessed against the property within the GHAD for the 2007-2008 fiscal year and for <br />subsequent fiscal years. <br />SECTION 6. The Board further orders that said assessments shall be levied and <br />collected in the following manner: <br />(a) The City Clerk of the Board shall cause to be recorded a notice of <br />assessments, as provided for in Section 3114 of the California Streets and <br />Highway Code, whereupon the assessments shall attach as a lien upon the <br />property, as provided in said Section 3114 Streets and Highways Code. <br />(b) Thereafter, such assessments shall be payable at the same time and in the <br />same manner as general taxes on real property within the GRAD are payable. <br />(c) All funds generated by such assessments, and all interest earned thereon, <br />shall be kept segregated and in a separate account for the exclusive benefit of <br />the Oak Tree Farm GHAD, and shall not be deemed at any time to constitute <br />funds credited to the City treasury. <br />SECTION 7. This resolution shall become effective immediately upon its passage and <br />adoption. <br />SECTION 8. Clerk of the Board shall certify to the passage of this resolution and enter <br />it into the book of original resolutions. <br />PASSED, APPROVED AND ADOPTED by the City Council of the City of Pleasanton, <br />as the Board of Directors of the Oak Tree Farm Geologic Hazard Abatement District, at a <br />meeting held on June 19, 2007. <br />I, Karen Diaz, Clerk for the Oak Tree Farm GRAD, certify that the Board of Directors at a <br />meeting held on the 19th of June 2007, by the following vote, adopted the foregoing resolution: <br />Ayes: Boardmembers -Cook-Kallio, McGovern, Sullivan, Thorne, Mayor Hosterman <br />Noes: None <br />Absent: None l <br />Karen iaz, lerk r <br />Oak Tree Farm GHAD <br />APPROVED AS TO FORM: <br />12~G~.,P~ ~/~~'"' <br />Michael H. Roush, General Counsel <br />for the Oak Tree Farm GRAD <br />