Reso 2002-110 - Laserfiche WebLink

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3.2. Mitigation and Monitoring Plan The District was formed at the end of FY 1995-96 and was first assessed for FY `96-'97. Until such time as the Army Corps of Engineers, or any other applicable governmental regulatory agency, releases Citation Homes from any further monitoring requirements associated with the implementation of the Mitigation and Monitoring Plan for the Citation Marsh, Citation Homes Central will assume all responsibilities, take any and all necessary actions, and pay all costs for remediation or work of any kind necessary to bring the Citation Marsh into compliance with the RMI Mitigation and Monitoring Plan wherein such compliance shall be determined by the Army Corps of Engineers or any other applicable governmental regulatory agency. Therefore, this District shall annually reimburse to Citation Homes Central those actual, documented costs incurred by them during the intervening period of time from the establishment of this District until regulatory compliance has been obtained, said annual reimbursement shall not exceed the estimated cost of this work listed as Item 4.b) in the Cost Estimate incorporated in the Budget calculation. Following full regulatory compliance, this District will assume full responsibility for the operation and maintenance of Citation Marsh. 3.3. District Reserve Fund The proposed assessments include a Maintenance Reserve Fund to be accumulated at the rate of$60,000 per year to a maximum reserve of$300,000. Depletions of this reserve will be recovered by increasing the annual assessments of succeeding years, up to the maximum increase of 2% as described above, until the reserve is restored in full. The District Reserve may be used for capital improvements. District Reserve Funds are authorized for use to fund the program. The details of the District Reserve Fund activity are provided in Section 4.5. 3-2