The Sandy Hill Special Improvement District (hereinafter the
"district") is hereby established consisting of the properties designated
and listed on Schedule A and annexed hereto. Said Schedule A is on
file with the City Clerk's office by tax block and lot numbers
and street addresses.
All costs of development, construction, and acquisition relating
to the provision of improvements shall be financed by and assessed
to properties located within the boundaries of the district. All costs
of improvements, maintenance, or additional police or private security,
other than costs of improvement maintenance, or police ordinarily
incurred by the City of Paterson out of general funds, shall be determined
and approved pursuant to N.J.S.A. 40:56-80 or N.J.S.A. 40:36-85 as
determined by the district management corporation. The foregoing costs
shall be collected as a special assessment.
Notwithstanding the creation of the special improvement district,
the City of Paterson expressly retains all its powers and authority
over the area designated as within the special improvement district.
This article obligates the Sandy Hill Special Improvement District
to satisfy all debts, loans, and financial liabilities incurred by
the district management corporation. The district management corporation
may not borrow an amount that exceeds the approved budget for that
fiscal year. The Charter of the Sandy Hill Special Improvement District
shall include a clause incorporating the aforementioned.