§ 7-1-8 FUND ACCOUNTING FOR DEVELOPMENT FEES.

   (A)   The City Finance Department shall establish a separate accounting fund in which the development fees collected for a particular type of capital facility within the service area shall be credited. Such fees shall be invested by the city and the yield on those fees, at the actual rate of return to the city, shall be credited to such accounting fund periodically in accordance with the accounting policies of the city. The funds need not be segregated from other city monies for banking purposes.

   (B)   (1)   Any yield on such accounting fund into which the fees are deposited shall accrue to that fund and shall be used for the purposes specified for that fund.

      (2)   Development fees and any interest thereon collected pursuant to this Chapter shall be spent to provide capital facilities associated with the same category of necessary public services in the same service area for which they were collected, including costs of financing or debt used by the city to finance such capital facilities and other costs authorized by this Chapter that are included in the Infrastructure Improvements Plan.

   (C)   The City Finance Department shall maintain and keep financial records for the accounting fund showing the revenues to the fund and the disbursements from that fund, in accordance with normal city accounting practices. The records of the fund shall be open to public inspection in the same manner as other financial records of the city.

   (D)   The city shall issue as part of the report required in Vol. II, § 7-1-20 of this Chapter an unaudited accounting of all development fee funds.

(Ord. 1521, passed 8-16-2022)

§ 7-1-9 LAND USE ASSUMPTIONS.

   (A)   The Infrastructure Improvements Plan shall be consistent with the city's current land use assumptions for each service area and each category of necessary public services as adopted by the city pursuant to A.R.S. § 9-463.05.

   (B)   The land use assumptions shall be renewed, updated, developed, adopted, and modified subject to the procedures required by A.R.S. § 9-463.05.

(Ord. 1521, passed 8-16-2022)

§ 7-1-10 INFRASTRUCTURE IMPROVEMENTS PLAN.

   (A)   The Infrastructure Improvements Plan shall be developed by qualified professionals and may be based upon or incorporated within the city's Capital Improvements Plan, when/if available, and/or other capital facilities plans.

   (B)   (1)   The Infrastructure Improvements Plan shall comply with the requirements of A.R.S. §9-463.05, and shall:

      (2)   Specify the categories of necessary public services for which the city will impose a development fee, which may include any or all of the following:

         (a)   Street facilities.

         (b)   Police.

         (c)   Parks and recreational facilities.

         (d)   Libraries.

(Ord. 1521, passed 8-16-2022)

§ 7-1-11 ADOPTION AND MODIFICATION PROCEDURES.

   The Infrastructure Improvements Plan shall be adopted or amended subject to the procedures required by A.R.S. § 9-463.05.

(Ord. 1521, passed 8-16-2022)

§ 7-1-12 TIMING FOR THE RENEWAL AND UPDATING OF THE INFRASTRUCTURE IMPROVEMENTS PLAN AND THE LAND USE ASSUMPTIONS.

   All necessary renewals and updates of the Infrastructure Improvements Plan and land use assumptions shall comply with procedures required by A.R.S. § 9-463.05.

(Ord. 1521, passed 8-16-2022)