Any surplus funds remaining in any fund or account established with respect to any bonds (including notes or other evidences of indebtedness) for a community facilities or special assessment district established by the City on or after January 1, 1990, may be distributed, whether before or after the final maturity of such bonds, to the owners, at the time of the distribution, of each of the parcels upon which any special taxes or special assessments were levied to pay debt service on such bonds. The amount of each such distribution shall be in proportion to the amount of debt service the parcel pays in relation to total debt service paid by all parcels for the bond issue within the same community facilities or special assessment district. Before final maturity of a bond issue, the distribution shall be made by providing a credit against the special tax or assessment to be collected on the property tax bill for the next fiscal year. For a bond issue that has matured, the distribution shall be made to reduce the property tax bill for each parcel for any subsequent fiscal year. Nothing herein shall be deemed to prevent for a bond issue that has matured the distribution of surplus funds in cash so long as the Director of Administrative Services determines that such method is the most efficient and equitable and cost effective method of dealing with such surplus. The distribution shall be made by the Director of Administrative Services, whose decisions as to amount, ownership of parcels and method of distribution shall be final and conclusive.
The provisions of this section are alternative or supplemental to any other provision(s) of this title or State Act.
(Ord. 3715 § 1, 2005)