The Bunker Hill Industrial Park Special Improvement
District ("district") is hereby established consisting of the properties
designated and listed on Schedule A annexed hereto 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 especially benefitted thereby. All costs of
improvements and maintenance, other than the costs of improvements
and maintenance ordinarily incurred by the city out of general funds,
shall be determined and approved pursuant to N.J.S.A. 40:56-80 or
N.J.S.A. 40:56-85 as determined by the district management corporation.
The foregoing costs shall be collected as a special assessment against
properties which are benefitted thereby within the district.
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 Bunker Hill Special
Improvement District to satisfy all debts, loans and financial liabilities
incurred by the corporation. The district management corporation may
not borrow an amount that exceeds the approved budget for that fiscal
year. The Charter of the Bunker Hill Special Improvement District
shall include a clause incorporating the aforementioned.