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the City against future flooding. Stormwater Fee revenues received will be deposited <br />into the City of San Leandro Stormwater System Utility Enterprise Fund. <br />Section 10. Cost-of-Living Adjustment Mechanism. If approved by property <br />owners, the Stormwater Fee Amendment shall be imposed annually. The maximum rate <br />of the Stormwater Fee may be adjusted in future years by an amount equal to the <br />change in the annual San Francisco-Oakland-Hayward Consumer Price Index (“CPI”) <br />for All Urban Consumers, not seasonally adjusted, not to exceed 3% (three percent) per <br />year without a further vote or balloting process, and any excess CPI may be "banked” to <br />be used in future years when the CPI is less than 3%. <br />Introduced by Councilmember ______________ and passed and adopted this <br />2nd day of April 2024 by the following vote: <br />AYES: <br />NOES: <br />ABSENT: <br /> <br />ATTEST: ___________________________ <br />Kelly B. Clancy, CMC <br />City Clerk DRAFT