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3.122.220 Surplus.

In the event, following the normally scheduled termination of an Economic Improvement District, including the payment of all obligations and costs of administration incurred on behalf of the District, there remain excess funds from assessments paid by owners of subject properties, then the City Council, by ordinance, shall provide for either:

A. The return of the excess funds to the owners of subject properties in amounts proportionate to the amounts of the assessments they paid for the District;

B. Use of the excess funds for continued provision of the economic improvements until the excess funds are fully spent; or

C. Use of part of the excess funds as provided in B and return of the balance of the excess funds as provided in A.

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