§ 21-63. Required disclosure.

Subsequent to the establishment of a district under this article, each contract for the initial sale of a parcel of real property and each contract for the initial sale of a residential unit within the benefit district shall include, immediately prior to the space reserved in the contract for the signature of the purchaser, the following disclosure statement in boldfaced and conspicuous type which is larger than the type in the remaining text of the contract.

"THE BELLALAGO EDUCATIONAL FACILITIES BENEFIT DISTRICT WILL IMPOSE AND LEVY NON-AD VALOREM ASSESSMENTS ON THIS PROPERTY. THESE ASSESSMENTS PAY THE CONSTRUCTION AND MAINTENANCE COSTS OF EDUCATIONAL FACILITIES WITHIN THE BENEFIT DISTRICT AND ARE SET ANNUALLY BY THE GOVERNING BOARD OF THE BENEFIT DISTRICT. THESE ASSESSMENTS ARE IN ADDITION TO COUNTY AND OTHER LOCAL GOVERNMENTAL TAXES AND ASSESSMENTS AND ALL OTHER TAXES AND ASSESSMENT PROVIDED FOR BY LAW".

In addition, the foregoing disclosure shall be included in the deed or other instrument in the chain of title relating to the initial sale of a residential unit within the benefit district.

(Ord. No. 03-15, § 13, 9-15-03)