§ 7-1.816. Reimbursement and Refund.

(a)

In the event of an annual adjustment of assessment as provided by Section 7-1.813, which reduces the facilities benefit assessment, amounts in the special fund which are no longer required shall be refunded to the current owner(s) of the property(s) as shown on the last equalized assessment roll in proportion to the amount of the original payments.

(b)

In the event the City Council agrees to accept consideration in lieu of facilities benefit assessments as provided by Section 7-1.814, the value of which the City Council finds is greater than the amount of the otherwise applicable facilities benefit assessments, the Council may enter into an agreement with a landowner pursuant to which said landowner may be reimbursed for the amount of the otherwise applicable facilities benefit assessments. The agreement shall set forth the amount to be reimbursed, and the time and manner in which payments shall be made only from revenues paid into the special fund created for the area of benefit.

(c)

Upon termination of an area of benefit as provided by Section 7-1.815, any money remaining in the special fund established in connection therewith shall be refunded to the current owner(s) of the property(s) as shown on the last equalized assessment roll in proportion to the amount of the original payments.

(Added by Ord. 2432-C.S., § 1, effective 7-10-86)