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7.3.2.3 Exclusive revenue source. During the period a franchise fee ordinance is in <br />effect, the City shall not levy special assessments against property owners for payment of <br />costs incurred for projects funded by franchise fees pursuant to section 7.3.2.1 above. <br />If special assessments were pending against a property at the time a franchise fee became <br />effective, the property owner shall receive a rebate so as to avoid paying both special <br />assessments and franchise fees. The rebate is calculated on the lesser annual amount paid <br />for franchise fees versus special assessments over the remaining term of the special <br />assessments, regardless if the assessment was pre -paid or is currently being paid through <br />property taxes. Rebates will be in the form of a credit to the fourth quarter municipal <br />utility bills of qualifying properties. This rebate program applies strictly to qualifying <br />properties during the effective term of their current assessment or this ordinance, <br />whichever expires first. <br />7.3.2.4 Revenue limit. The total annual franchise fees collected shall be limited to a <br />maximum of no more than 20% of the previous year's established annual tax levy. The <br />annual franchise fee shall be established by ordinance pursuant to the terms of the <br />franchises. <br />7.3.2.5 Public notification. In January of each year that a franchise fee ordinance is in <br />effect, the City shall mail a franchise fee notice to an owner of each impacted property. <br />The notice shall set forth the estimated monthly fee, the purpose for which the fees shall <br />be used in the current year, the amount collected the previous year, and a summary of the <br />projects that were completed with the previously collected fees. <br />SECTION 3. EFFECTIVE DATE. <br />This Ordinance shall become effective 90 days after its passage and publication subject to the <br />provisions of Minnesota Statutes section 410.12, subdivision 7. <br />PASSED by the City Council of the City of Ramsey, Minnesota, the day of , 2014. <br />ATTEST: <br />City Clerk <br />Date recommend by Charter Commission: <br />City Council Introduction date: <br />Posting dates: <br />Public hearing publication date: <br />Public hearing date: <br />Adoption date: <br />Publication date: <br />Effective date: <br />Mayor <br />