708-99 Amend TIF - Laserfiche WebLink

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OR BK 4134 PG 1 92- 2of3 B. Funds may be :withdrawnfrom this account for:use solely in accordance with the provisions of Section VII of this Ordinance; provided, that the disbursement of such funds shall require approval of the City Manager. C. Any funds on deposit not immediately necessary for expenditure shall be invested in interest bearing sources. All income derived shall be deposited in the trust fund: D. Fees collected pursuant to this Ordinance may be returned to the then present owner if fees have not been encumbered by the end of the calendar quarter immediately following five (5)years from the date the fees were paid and expended in eight (8) years. Refunds shall be made in accordance with_the following procedures;.,..,.,..: .. . _ _.._.__.--._..-_._._... 1. The present owner must petition City Council forthe refund within one(1)year following the end of the eighth year from the date on which the fee was paid. - 2. The petition must be submitted to the City Manager, or his sdesignee, and must contain: a. a notarized sworn statement that the petitioner is the current owner of - he property; . - - b. a copy of the dated receipt issued for payment of the fee, or other evidence of payment acceptable to the City Manager or his designee; c. a certified copy of the latest recorded deed; and d. a copy of the most recent ad valorem tax bill. 3. Within three (3) months from the date of receipt of a petition for refund the City Manager, or his designee, will advise the petitioner-and"City Council of the status of the fee requested for refund. For the purposes of this Section, fees collected-shall be'deemed to be spent=on the basis ofthe firstfee,in l allbe the first fee out. In other words, the first money placed in the trust fund account shall be the first money taken out of that account when withdrawals have been made in accordance with subparagraph B above. 4. When the money requested is still in the trust fund account and has not been spent (encumbered) by the end of the calendar quarter immediately following eight (8) years from the"date the fees were paid, the money shall be returned with interest at the rate of six percent (6%) per annum. E. The fees collected pursuant to this Ordinance may be returned to the present owner if the land development activity generating traffic is cancelled due to non-commencement of construction before the funds have been committed or spent pursuant to Section VI. Refunds may be made in accordance with Sections VIII. D.