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<br /> <br />(i)Effective Date of Franchise Fee. The effective date of this Ordinance shall be after its <br />publication and sixty (60) days or more after sending written notice enclosing a copy of this <br />adopted Ordinance to Company by certified mail. Collection of the fee shall commence as <br />provided above. <br /> <br /> <br />(j)Relation to Franchise Agreement. This Ordinance is enacted in compliance with the <br />Franchise Agreement and shall be interpreted as such. <br /> <br /> <br />(k)Commitment of Funds. All funds collected by the City via this franchise fee shall be <br />committed funds. The funds shall be used exclusively to fund Ramsey’s Pavement <br />Management Program. These funds may not be used for any other use. <br /> <br /> <br />(l)Periodic Review. The City Council may review this Ordinance from time to time in whatever <br />manner the City Administrator then determines to be appropriate, including, but not limited <br />to, review by the City Council in either a work session or a regular session. Failure to review <br />this Ordinance shall not in any way invalidate or limit it. <br /> <br /> <br />(m) Annual Review. Annually, by December 14 of each respective year, the City Council will be <br />provided an update of the franchise fees collected, expensed and balance remaining in the <br />committed Pavement Management Program Fund. <br /> <br /> <br />(n)Rebate Program. The City will rebate the lesser annual amount paid for franchise fees versus <br />special assessments (those assessed beginning year 2015) over the remaining term of the <br />special assessments, regardless if the assessment was pre-paid or is currently being paid <br />through property taxes. Rebates will be in the form of a check to qualifying property <br />addresses who have submitted an annual rebate application form. This rebate program <br />applies strictly to qualifying property addresses during the effective term of their current <br />assessment or this Ordinance, whichever expires first. If a qualifying property is sold during <br />the effective term of their current assessment, the rebate program is no longer eligible for <br />that respective property. <br /> <br />SECTION 2: EFFECTIVE DATE. <br /> <br />This Ordinance takes effect as provided by the City Charter. This Ordinance shall terminate five <br />(5) years from the date passed and adopted by the City. If the termination date falls within the <br />middle of a three-month collection period, the Ordinance shall terminate at the end of the collection <br />period. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Ordinance #20-13 <br />Page 3 of 4 <br /> <br /> <br />