Laserfiche WebLink
ORDINANCE 2013 <br />ORDINANCE OF THE TOWN OF LOS GATOS DISSOLVING TOWN OF <br />LOS GATOS OPEN SPACE MAINTENANCE DISTRICT #3 ON CONDITION <br />THAT A LANDSCAPING & LIGHTING DISTRICT BENEFIT ZONE BE <br />ESTABLISHED AND THAT CERTAIN USES BE MADE WITH THE FUNDS <br />REMAINING IN THE OPEN SPACE MAINTENANCE DISTRICT #3 ACCOUNT <br />THE TOWN COUNCIL OF THE TOWN OF LOS GATOS DOES ORDAIN AS <br />FOLLOWS: <br />SECTION I <br />The Council finds and determines that the property owners within Town of Los Gatos <br />Open Space Maintenance District #3 as shown on Exhibit A hereto wish to convert the District <br />into a Landscaping & Lighting District Benefit Zone in order to ensure that the open space, as <br />shown on Exhibit B hereto and for which Open Space Maintenance District #3 was formed, is <br />maintained and the costs of the maintenance equitably apportioned among the property owners. <br />In addition, the property owners wish to ensure that the funds that were raised by Open Space <br />Maintenance District #3 are set aside for use in paying for a portion of the costs of maintaining <br />and caring for the open space area until the funds are exhausted. <br />SECTION II <br />Open Space Maintenance District No. #3 is dissolved. <br />SECTION III <br />The unappropriated balance of funds remaining in the account of Open Space Maintenance <br />District #3 are hereby set aside for use in the maintenance and upkeep of the open space as shown <br />on Exhibit B hereto as follows: <br />A. One -half of the unappropriated balance shall be made a capital reserve for use in case <br />of substantial damage to the open space occurs or replacement of fixtures or planting materials <br />is required in future years. <br />B. The other half of the unappropriated balance shall be paid out for such maintenance <br />as a credit against any assessments levied against the property owners of the successor Benefit <br />Zone of Landscaping & Lighting District #1 at a rate per fiscal year so that the assessments <br />