(A) For each benefit area designated by the city, the city shall establish an impact fee account for each type of capital improvement for which an impact fee is imposed. The impact fees collected shall be deposited in each such account according to type of improvement and benefit area. The funds of the account shall not be commingled with other funds of the city. Any account previously established for the deposit of funds which would have been developer impact fees under this chapter shall be deemed an impact fee account for the purposes of this chapter.
(B) Each impact fee account shall be interest bearing, and the accumulated interest shall become part of the account.
(Ord. No. 14-2001, 8-15-01)