§ 61.2525 — Disestablishment; Refund of Assessments

§61.2525 Disestablishment; Refund of Assessments

(a) If the disestablishment occurs before an assessment is levied for the fiscal year, the method and basis that was used to calculate the assessments levied in the immediate prior fiscal year shall be used to calculate the amount of any refund. All outstanding assessment revenue collected after disestablishment shall be spent on activities specified in the district management plan. (b) Upon the disestablishment of a district, any remaining revenues, after all outstanding debts are paid, derived from the levy of assessments, or derived from the sale of assets acquired with the revenues, shall be refunded to the business owners then located and operating within the district in which assessments were levied by applying the same method and basis that was used to calculate the assessments levied in the fiscal year in which the district is disestablished.

(“Renewal of Expired District” added 5–30–2007 by O–19622 N.S.; effective 6-29-2007.) (Renumbered from former Section 61.2527, and amended 10-6-2011 by O-20096 N.S.; effective 11-5-2011.)