A. Fund Established: The city shall establish a separate interest bearing accounting fund in which the impact fees collected for a particular type of public facility within the service area shall be credited. Such fees shall be invested by the city and the yield on such 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. Such funds need not be segregated from other city monies for banking purposes.
B. Yield: 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 such fund.
C. Records Maintained: The city shall maintain and keep financial records for such accounting fund showing the source and amount of all monies collected, earned and received by the fund and the disbursements from such fund, in accordance with normal city accounting practices. The records of such funds shall be open to public inspection in the same manner as other financial records of the city.
D. Expend, Encumber; Time Limit: Impact fees shall be expended or encumbered within six (6) years of receipt, unless the city council identifies in written findings extraordinary and compelling reasons to hold the impact fees beyond the six (6) year period. Under such circumstances, the city council shall establish an absolute date by which the impact fees shall be expended or encumbered. (Ord. 2013-07, 5-28-2013, eff. 9-1-2013)