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shall state the reason for the disestablishment, shall state the time and place of <br />the public hearing, and shall contain a proposal to dispose of any assets <br />acquired with the revenues of the assessments levied within the property and <br />business improvement district. The notice of the hearing on disestablishment <br />required by this section shall be given by mail to the property owner of each <br />parcel or to the owner of each business subject to assessment in the district, as <br />appropriate. The city shall conduct the public hearing not less than 30 days after <br />mailing the notice to the property or business owners. The public hearing shall <br />be held not more than 60 days after the adoption of the resolution of intent. <br />(c) Upon the disestablishment of a district, any remaining revenues, <br />after all outstanding debts are paid, derived from the levy of assessments, or <br />derived from the sale of assets acquired with the revenues, or from bond reserve <br />or construction funds, shall be refunded to the owners of the property or <br />businesses then located and operating within the district in which assessments <br />were levied by applying the same method and basis that was used to calculate <br />the assessments levied in the fiscal year in which the district is disestablished. <br />All outstanding assessment revenue collected after disestablishment shall be <br />spent on improvements and activities specified in the management district plan. <br />(d) If the disestablishment occurs before an assessment is levied for <br />the fiscal year, the method and basis that was used to calculate the <br />assessments levied in the immediate prior fiscal year shall be used to calculate <br />the amount of any refund. <br />Section 3. If any section, subsection, sentence, clause, phrase or <br />portion of this ordinance is for any reason held to be invalid or unconstitutional by <br />the decision of any court of competent jurisdiction, such decision shall not affect <br />the validity of the remaining portions of this ordinance. The City Council of the <br />City of Santa Ana hereby declares that it would have adopted this ordinance and <br />each section, subsection, sentence, clause, phrase or portion thereof <br />irrespective of the fact that any one or more sections, subsections, sentences, <br />clauses, phrases, or portions be declared invalid or unconstitutional. <br />ADOPTED this day of <br />2008 <br />Miguel A. Pulido <br />Mayor <br />50B-14 <br />