(A) Development impact fees collected pursuant to this chapter shall be kept separate from other revenue of the city. There are hereby established the Parks and Recreation Impact Fee Trust Account, the Fire Protection Impact Fee Trust Account, and the Municipal Facilities and Equipment Impact Fee Trust Account. Parks and recreation impact fees, fire protection impact fees, and municipal facilities and equipment impact fees collected pursuant to this chapter shall be kept in the Parks and Recreation Impact Fee Trust Account, the Fire Protection Impact Fee Trust Account, and the Municipal Facilities and Equipment Impact Fee Trust Account, respectively. All development impact fees collected shall be properly identified by property address noted on the approved building permit, date of payment, and by the appropriate trust account.
(B) Any funds on deposit not immediately necessary for expenditure shall be maintained in an interest-bearing account prior to expenditure on eligible projects. Interest earned on development impact fees in deposit must be considered revenue to the trust account for which income is earned and must be subject to all restrictions placed on the use of development impact fees pursuant to this chapter.
(Ord. 2023-027, passed 10-24-23)