Ord 2018-051/approving an amended and restated Ordinance of the City of San Marcos approving an update to the service and assessment plan for the Trace Public Improvement District

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Section 1. Findings. The findings,determinations and recitations set out in the preambles of this Ordinance are found to be true and correct and they are hereby adopted by the City Council and made a part hereof for all purposes. Section 2. Public Hearing. The action of the City Council holding and closing the public hearing in these proceedings is hereby ratified and confirmed. Further, the actions of City staff in preparing the notices described in the Recitals hereto, which were published, mailed and posted pursuant to the PID Act are hereby ratified and confirmed. Section 3. Terms. Terms not otherwise defined herein are defined in the Updated Service and Assessment Plan. Section 4. Assessment Plan. The Updated Service and Assessment Plan substantially in the form attached to this Ordinance is hereby accepted and approved pursuant to Sections 372.013 and 372.014 of the PID Act as the service and assessment plan for the District. Section 5. Assessment Roll. The Updated Assessment Roll attached as Appendix A to the Updated Service and Assessment Plan is hereby approved as the assessment roll of the District. Section 6. Levy and Payment of Assessments for Costs of Public Improvements. (a) The City Council hereby levies the Additional Assessment on each tract of property located within the District, except for the Non-Benefitted Property, as shown and described on the Updated Service and Assessment Plan and the Updated Assessment Roll, in the respective amounts shown on the Updated Assessment Roll. There is further levied and assessed against each tract of property located within the District, except for the Non-Benefitted Property, having not paid the assessments in full, additional annual assessments for the Annual Collection Costs, as described in the Updated Service and Assessment Plan,which shall be part of the Assessment and the Annual Installment. The amount of the Annual Installment shall be reviewed and determined annually by the City Council following the City Council's annual review of the Updated Service and Assessment Plan for the District. Pursuant to Section 372.015(d), the amount of assessment for each property owner may be adjusted following the annual review of the Updated Service and Assessment Plan. (b) The levy of the Additional Assessments and the related Annual Collection Costs related to the District shall be effective on the date of adoption of this Ordinance levying assessments and strictly in accordance with the terms of the Updated Service and Assessment Plan and the PID Act. (c) The collection of the Additional Assessments shall be as described in the Updated Service and Assessment Plan and the PID Act and collection shall begin by January of 2020. (d) Each Assessment may be paid in a lump sum or may be paid in Annual Installments pursuant to the terms of the Updated Service and Assessment Plan. (e) Each Assessment shall bear interest at the rate or rates specified in the Updated Service and Assessment Plan. 4