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<br />3.2. Mitigation and Monitoring Plan <br /> <br />The District was formed at the end of Rscal Year 1995/96 and was first assessed in Fiscal Year <br />1996/97. <br /> <br />Until such time as the Army Corps of Engineers, or any other applicable governmental regulatory <br />agency, releases Citation Homes from any further monitoring requirements associated with the <br />implementation of the Mitigation and Monitoring Plan for the Citation Marsh, Citation Homes Central <br />will assume all responsibilities, take any and all necessary actions, and pay all costs for remediation <br />or work of any kind necessary to bring the Citation Marsh into compliance with the RMI Mitigation and <br />Monitoring Plan wherein such compliance shall be determined by the Army Corps of Engineers or any <br />other applicable govornmental regulatory agency. Therefore, this District shall annually reimburse to <br />Citation Homes Central those actual, documented costs incurred by them during the intervening <br />period of time from tho establishment of this District until regulatory compliance has been obtained, <br />said annual reimbursement shall not exceed the estimated cost of this work listed as Item 4.b) in the <br />Cost Estimate incorporated in the Budget calculation. Following full egulatory compliance, this <br />District will assume full responsibility for the operation and maintenance of Citation Marsh. <br /> <br />3.3. District Reserve Fund <br /> <br />The original maximum assessment amounts included a Maintenance Reserve Fund to be <br />accumulated at the rate of $60,000 per year up to a maximum reserve of $300.000. Depletions of <br />tt1is reserve will l,e recovered by increasinC] the annual assessments of succeeding years, up to the <br />maximum increase of 2% as described above, until the reserve is restored in full. The District <br />Roservo may be used for capital improvements. District Resorve Funds are authorized for use to <br />fund the program. Currently, the Reserve Fund for the District is at the maximum of $300,000. <br />However, the estimated fund balance at the end of Fiscal Year 2005/06 is $579,000. <br /> <br />Heron Bay Maintenance District Annual Report - City of San Leandro <br />Prepared by NBS- Fiscal Year 2006/07 <br /> <br />3-2 <br />