(a)   When the City has constructed a residential street pursuant to the Act that was financed with general obligation bonds or by other City funds, the City may impose a benefit fee upon property located outside the City limits that benefits from the construction of such street at such time as the benefiting property is annexed into the City limits. Any such benefit fees imposed shall be applied: (1) To the remaining principal and outstanding interest on the bonds issued to finance the residential street, with a resulting pro-rata reduction of the assessments against property originally included in the improvement district for such improvement; or (2) the city general bond and interest fund if any of the cost of such street improvement was paid by the city at large. The City is further authorized to adopt such policies and administrative procedures as are necessary.

(b)   The benefit fees provided for herein may be collected in a manner consistent with the Act and such policies as deemed necessary and advisable by the governing body of the City

(Ord. 1089)

The levy of a one percent (1%) citywide retailers' sales tax for the purposes of: (a) maintenance, repair and improvements to streets and sidewalks, including related drainage improvements; and (b) reducing ad valorem property taxes in the city, shall commence on January 1, 2026, or as soon thereafter as permitted by law, and shall terminate ten years after its commencement.

(Ord. 1100)