(a) 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, or from bond reserve or construction funds, shall be refunded to the owners of the property or businesses 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. All outstanding assessment revenue collected after disestablishment shall be spent on improvements and activities specified in the management district plan.

(b) 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.

Terms Used In California Streets and Highways Code 36745

  • Activities: means , but is not limited to, all of the following:

    California Streets and Highways Code 36705

  • Assessment: means a levy for the purpose of acquiring, constructing, installing, or maintaining improvements and promoting activities which will benefit the properties or businesses located within a multifamily improvement district. See California Streets and Highways Code 36705
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Construction: includes :

    California Streets and Highways Code 29

  • district: means a multifamily improvement district established pursuant to this part. See California Streets and Highways Code 36705
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • plan: means a proposal as described in Section 36713. See California Streets and Highways Code 36705
  • Property: means real property situated within a multifamily improvement district. See California Streets and Highways Code 36705

(Added by Stats. 2004, Ch. 526, Sec. 1. Effective January 1, 2005.)

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