9-6-5: CREATION OF IMPROVEMENT DISTRICTS; FIRST READING OF CREATION ORDINANCE:
Upon such materials being presented to the council, the council shall consider the adoption on first reading of an ordinance creating the improvement district (the "creation ordinance"). The publication of the creation ordinance after first reading, as provided in the charter, shall constitute notice of the public hearing on the creation of the improvement district. The creation ordinance shall generally describe the nature and location of the improvements to be made, without mentioning minor details, and describe the area to be included within the improvement district, by boundaries or other brief description. The creation ordinance shall describe:
A. The extent of the improvement district to be assessed (by boundaries or other brief description) and the assessment units, if any;
B. The kind of improvements (without mentioning minor details);
C. The probable total cost, including incidentals, as shown by the estimate of the engineer, which estimate shall not constitute a limitation upon the cost of the project nor for any other purpose;
D. The estimated portion of the cost of the improvements to be paid by the town and not by assessment, if any;
E. The basis of assessment; and
F. The date, time and place of the public hearing on the creation of the improvement district, which shall also be the date, time and place at which the council will consider the creation ordinance on second reading.
The creation ordinance may establish the maximum total cost of the improvements to be assessed and the maximum rate of interest which will be payable on assessments paid in installments. (Ord. 9, Series 1988)