§ 114-7. Revenue and budget.

A.

District budget. [Amended 5-5-1997 by Ord. No. 819]

(1)

The Board of Commissioners shall adopt an annual budget and shall file the budget with the Director of Administration of the city on or before June 30 of each year. The annual budget may be amended as provided in the bylaws of the District. Amended budgets must be filed with the Director of Administration within 15 days of adoption.

(2)

The Board of Commissioners shall recommend to the Board of Representatives of the city, on or before June 30 of each year, a levy upon taxable interests in property within such District, in accordance with § 7-3391(d) of the Connecticut General Statutes. It shall be the obligation of the city to impose the recommended levy as a municipal levy, and such levy shall be in addition to the regular municipal levy, and it shall be the obligation of the city to collect such levy for the benefit of the District. [Amended 7-7-1997 by Res. No. 2457]

(3)

All funds (and earnings thereon) received by the city on behalf of the District shall be maintained for the benefit of the District and disbursed to the District in accordance with the annual budget of the District.

B.

Tax levy imposition for fiscal year ending June 30, 1992. The tax levy for the fiscal year ending June 30, 1992, shall be prorated by multiplying the levy on each taxable interest in property by a fraction, the numerator of which shall be the number of days for the period commencing with the date of the first general meeting of the property owners referred to in § 114-6A(2) hereof and ending June 30, 1992, and the denominator of the fraction shall be 365.

C.

Collection of levy.

(1)

The levy upon taxable interests in property in the District shall be due and payable in two parts, on July 1 and January 1, following the adoption of the levy for the fiscal year. On or before July 1 and January 1 each year, the Tax Collector of the city shall bill holders of taxable interest in real property in the District. The District shall reimburse the city $5 for each such bill made by the city.

(2)

Delinquent interest charges shall be assessed on late District tax payments and shall be computed in the same manner as used for establishing delinquent charges on regular property tax bills of the city. Such delinquent charges shall accrue only to the city as compensation for any additional efforts by the city to collect delinquent taxes.

(3)

The Tax Collector of the city shall collect the District tax and shall deposit funds received in a special fund of the general fund of the city to be maintained by the Director of Administration of the city for the benefit of the District. In the event that only a portion of the combined regular municipal levy and the Special District levy is paid, the Tax Collector shall deposit the prorated amount of the Special District levy to the combined level into the special fund of the District.

(4)

The Special Services District shall reimburse the city a prorated portion of unreimbursed legal fees, costs or expenses, including the unreimbursed full-allocated cost of city attorneys or other employees associated with foreclosing on any property for failure to pay taxes. Such reimbursement shall be prorated by the amount of the Special District levy to the combined levy.

D.

Maximum amount of levy. Notwithstanding anything set forth in this chapter to the contrary, in no event shall the levy on any property in any fiscal year be greater than six percent (6%) of the regular municipal property tax. [Amended 5-4-1998 by Ord. No. 845]

E.

Disbursement of funds.

(1)

The Director of Administration of the city may disburse funds from the account of the District only upon written request of a duly authorized representative of the District and only in accordance with the then-current approved annual budget of the Board of Commissioners of the District. The District shall set forth in its bylaws procedures for approving disbursement of funds and for requesting such disbursement from the Director of Administration of the city.

(2)

All orders or contracts for expenditures approved by the Board of Commissioners on behalf of the District which are greater than five thousand dollars ($5,000.00) shall be awarded to the lowest responsible qualified bidder only after public invitation to bid, which shall be advertised in a newspaper having general circulation in the District.

F.

Exempt properties. [Amended 3-1-1993 by Ord. No. 705]

(1)

The following categories of land use within the district shall be exempt from the tax levy described in this § 114-7:

(a)

Any residential housing development subject to Section 221(d)(3) or Section 221(d)(4) of the National Housing Act as codified in U.S.C. § 17151 (1988 edition).

(b)

All residential condominium units in regard to which a declaration was filed on the land records of the City of Stamford on or prior to November 25, 2005 or residential condominium units classified as "Below Market Rate Dwelling Units" under the Zoning Regulations of the City of Stamford.

(c)

All single-family or multifamily residential buildings or developments consisting of ten (10) or fewer apartments or separate housing units.

(d)

All tax-exempt property as set forth in § 114-4A above.

(2)

Except for residential condominium units in regard to which a declaration was filed on the land records of the City of Stamford on or prior to November 25, 2005 or residential condominium units classified as "Below Market Rate Dwelling Units" under the Zoning Regulations of the City of Stamford, all property therein shall be included in the District. For the purpose of the District, the property owners of tax exempt property within the District will not be eligible to vote, nor will they be subject to any District tax levies, unless the tax exempt status changes. If the tax exempt status changes, the property shall be subject to the District tax levy in accordance with section 114-7 of this chapter, and such levy shall be prorated to cover the period from the change of the tax status to the end of the fiscal year according to state and city law pertaining to property taxes on properties that change tax-exempt status. If the Board of Representatives approves a rebate of property taxes to a property that has become tax exempt during the year, such rebate shall also apply to District tax levies.

(3)

Notwithstanding anything set forth in this chapter to the contrary, single-family residences, two (2) to ten (10) multifamily residential units and condominium units classified as "Below Market Rate Dwelling Units" under the Zoning Regulations of the City of Stamford located within the District shall:

(a)

Not be part of this chapter.

(b)

Not be subject to the tax levy.

(c)

Not have any voting rights in connection with the formation or operation of the District.