Imposition of stormwater improvement assessments

(a)

Stormwater improvement assessments may be imposed to fund all or any portion of the capital cost or the debt service and related cost of obligations issued to finance the project cost of a stormwater improvement identified in any stormwater basin plan. Stormwater improvement assessments to fund the capital cost or the debt service and related cost of obligations issued to finance the project cost of each stormwater improvement may be imposed against all parcels of property within the stormwater improvement area at a rate of assessment based upon the special benefit accruing to such property from the stormwater improvement, measured by the number of ESFIAs attributable to each parcel or classification of property.

(b)

If stormwater improvement assessments are imposed to fund the debt service and related cost of obligations issued to finance the project cost of a stormwater improvement, the stormwater improvement assessment may include the amount required to fund any amounts withdrawn during the prior fiscal year from any debt service reserve account established for obligations and the amount of any principal of and interest on obligations that has become due and remains unpaid.

(Ord. No. 2003-200, § 7, 8-7-03)