The City may expend ASIP Funds as follows:
(A) Revenue may be accumulated in the ASIP Fund until sufficient funds are accumulated to pay for one or more ASIP Fund Projects.
(B) Bonds may be issued to pay for the costs of ASIP Fund Projects and ASIP Funds may be used to retire principal and interest on the bonds.
(C) ASIP Fund Projects may be constructed in phases and ASIP Funds may be used to pay for construction costs as each phase is completed.
(D) ASIP Funds may be used for matching funds for Federal Aid Projects.
(E) If the City requests a developer or a SID to install arterial street improvements, ASIP funds may be used for such improvements or to reimburse the developer; or
(F) As described in paragraph (E) above, in the event that a developer or SID constructs arterial street improvements within the City’s zoning jurisdiction, the developer or the SID may request reimbursement through the ASIP Fund. If the Engineering Department determines that if some or all of such improvements are eligible for ASIP Funds and that a reimbursement is warranted, they may recommend a full or partial reimbursement from the ASIP Fund for City Council approval. In all such cases, the City shall require the developer and/or the SID, as applicable; to enter into a Subdivision Agreement or an amendment to an existing Subdivision Agreement with the City to identify the use of such reimbursed ASIP Funds.
(Ord. 3844, § 7, passed 8-8-2016)