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EXHIBIT 1 <br />Section 3. Upon disestablishment of the Downtown BID, there shall be a <br />proposal to dispose of any assets, if any, acquired with the revenues of the assessments <br />levied within the Downtown BID. <br />Section 4. Upon disestablishment of the Downtown BID, any remaining <br />revenues derived from the levy of assessments, or any revenues derived from the sale of <br />assets acquired with the revenues, shall be refunded in the manner required by section <br />36551 of the California Streets and Highways Code. <br />Section 5. The Clerk of the Council is directed to give notice of the above - <br />referenced public hearing in accordance with section 36523 of the California Streets and <br />Highways Code, which section requires publication of this Resolution in a newspaper of <br />general circulation in the City once, for at least seven days before the public hearing, and <br />the mailing of a complete copy of this Resolution by first-class mail to each business <br />owner assessed in the Downtown BID within seven days of the City Council's adoption of <br />this Resolution. <br />Section 6. This Resolution shall take effect immediately upon its adoption by <br />the City Council, and the Clerk of the Council shall attest to and certify the vote adopting <br />this Resolution <br />ADOPTED this day of <br />APPROVED AS TO FORM: <br />Sonia R. Carvalho, City Attorney <br />By: - <br />John M. Funk <br />Chief Assistant City Attorney <br />AYES: <br />NOES: <br />ABSTAIN: <br />NOT PRESENT <br />Councilmembers <br />Councilmembers <br />Councilmembers <br />Councilmembers <br />2022. <br />Mayor <br />City Council 36 — 4 1 ?/20/?�� <br />Reso ution XXX <br />Page 2 of 3 <br />