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ORDINANCE 2015 <br />ORDINANCE OF THE TOWN OF LOS GATOS DISSOLVING TOWN OF <br />LOS GATOS OPEN SPACE MAINTENANCE DISTRICT #2 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 #2 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 #2 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 #2 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 #2 are set aside to establish a reserve for replacement and restoration of the <br />capital improvements and landscaping in the open space and to return excess funds to the property <br />owners. <br />SECTION II <br />Open Space Maintenance District No. #2 is dissolved. <br />SECTION III <br />The unappropriated balance of funds remaining in the account of Open Space Maintenance <br />District #2 are hereby set aside as follows: <br />A. $12,000 of the balance shall be a capital reserve for use in the replacement and <br />restoration of the capital improvements and landscaping in the open space shown on Exhibit B <br />hereto. <br />B. The rest of the balance shall be returned to the property owners. <br />None of the balance shall be used or transferred for any other purpose. The funds in the account <br />shall accrue interest as other Town accounts, and this interest shall be credited to the account. <br />