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3.2. Mitigation and Monitoring Plan <br /> The District was formed at the end of FY 1995 -96 and was first assessed for FY `96 -'97. <br /> Until such time as the Army Corps of Engineers, or any other applicable governmental <br /> regulatory agency, releases Citation Homes from any further monitoring requirements <br /> associated with the implementation of the Mitigation and Monitoring Plan for the Citation <br /> Marsh, Citation Homes Central will assume all responsibilities, take any and all necessary <br /> actions, and pay all costs for remediation or work of any kind necessary to bring the Citation <br /> Marsh into compliance with the RM1 Mitigation and Monitoring Plan wherein such <br /> compliance shall be determined by the Amiy Corps of Engineers or any other applicable <br /> governmental regulatory agency. Therefore, this District shall annually reimburse to Citation <br /> Homes Central those actual, documented costs incurred by them during the intervening <br /> period of time from the establishment of this District until regulatory compliance has been <br /> obtained, said annual reimbursement shall not exceed the estimated cost of this work listed as <br /> Item 4.b) in the Cost Estimate incorporated in the Budget calculation. Following full <br /> regulatory compliance, this District will assume full responsibility for the operation and <br /> maintenance of Citation Marsh. <br /> 3.3. District Reserve Fund <br /> The proposed assessments include a Maintenance Reserve Fund to be accumulated at the rate <br /> of 560,000 per year to a maximum reserve of 5300,000. Depletions of this reserve will be <br /> recovered by increasing the annual assessments of succeeding years, up to the maximum <br /> increase of 2% as described above, until the reserve is restored in full. The District Reserve <br /> may be used for capital improvements. A planned Capital Improvement Program within <br /> Shoreline Marshlands was begun in fiscal year 1999/2000. The program will continue into <br /> fiscal year 2000/01. The Capital Improvement project costs will be used to fund interpretive <br /> signage planning and installation, and an aerial topography survey to facilitate monitoring <br /> and reporting. District Reserve Funds are authorized for use to fund the program. However, <br /> for fiscal year 2000/01, funds are available from prior assessments to offset the fiscal year <br /> 2000/01 planned expenditures. Therefore, no District Reserve Funds will be used in fiscal <br /> year 2000/01 for Capital Improvements. The details of the District Reserve Fund activity is <br /> provided in Section 4.5. <br /> 3 -2 <br />