Title 07 Finance
Chapter 07.05 Local Improvements
Article II. Improvements at Substantial Risk
Section 07.05.024 Agreement Required
As a condition precedent to the administrative processing of the proposed local improvement district, the principal proponent(s) shall be required to execute an agreement with the City containing the following essential terms:
- Principal proponent(s) shall agree to be bound by the determination of the mayor and by the requirements of this chapter.
- Principal proponent(s) shall provide adequate security in an amount and form to be approved by the chief financial officer to guarantee the payment of engineering and administrative costs incurred by the City for the preparation of the local improvement district in the event the local improvement district fails or any reason the project is not completed.
- Principal proponent(s) shall agree to be bound by the city council determination for adequate security to guarantee the payment of assessments on property owned by the principal proponent(s).
- City shall not guarantee the formation, approval or completion of the proposed project.
Date Passed: Monday, May 7, 2007
Effective Date: Wednesday, June 20, 2007
Recodification ORD C34024 Section 1