1991 RES R-09-91 - Laserfiche WebLink

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6. 7. the apportionment formula then I in effect with the Participant shall be in effect in the annexed area. It is further the intent of both the Participant and the District that should the Participant annex territory that encompasses a park, trail or open space improvement planned by the District,, assessment funds accumulated for the.'planned improvement will be transferred to the Participant if the District elects not to proceed with the project. The aforesaid notwithstanding, final determination regarding the status and apportionment of revenues generated within. the annexed area shall be determined by the Local , Agency Formation Commission (LAFco) in conjunction with its approval of the proposed annexation. LAFCO's determination shall be binding on both the District and the Participant. Both the District and the Participant. shall be bound, I upon detachment from the District by the Participant, by the final determination of LAFCO regarding the amount of revenue to continue to be committed to debt retirement by the Participant for debts incurred by the District. The District shall prepare or cause to be prepared an annual audit of revenues and expenditures by the District and deliver a copy to the Participant. The Participant shall conduct an equivalent annual audit regarding its expenditure of revenues derived from the District and deliver, a copy to the District. Each entity shall bear the cost for preparation and distribution of its audit from its share of the District revenues. 8. The District and the Participant shall each prepare a multi- year Capital Improvement Plan (CIP) for the acquisition and development of parks., recreational facilities, trails and open space areas within two years of establishment of the District and shall periodically revise and update said plan. The CIP will include project titles, brief project descriptions and project cost estimates. 9. The Participant's share of the revenues collected within its boundaries shall be disbursed to the Participant within thirty (30) days after the revenues are disbursed, to the District by the Auditor/Controller-Recorder Is Office (A/C-RO). The AC- RO I s costs associated with the collection and disbursement of revenues, including the necessary updating of information regarding the number and status of parcels within the .District, shall be deducted from all revenues prior to division -of the revenues between the Participant and the District. 'The amount 'deducted for the District's administrative costs 'associatedwith collect -ion and disbursement of revenues (but not including the A/C-RO I s costs) shall be limited to a maximum of one and one-half percent (1.5 J %J the total revenue generated by the benefit 3