(A) The city shall establish an account to which interest is allocated for each service area for each type of capital facility for which an impact fee is imposed pursuant to this chapter. Each impact fee collected within the service area shall be deposited in such account.
(B) Interest earned on the account into which the impact fees are deposited shall be considered funds of the account and shall be used solely for the purposes authorized in § 158.012.
(C) The city shall establish adequate financial and accounting controls to ensure that impact fees disbursed from the account are utilized solely for the purposes authorized in this chapter. Disbursement of funds shall be authorized by the city at such times as are reasonably necessary to carry out the purposes and intent of these regulations; provided, however, that funds shall be expended within a reasonable period of time, but not to exceed ten years from the date impact fees are deposited into the account.
(D) The City Finance Department shall maintain such records as are necessary to ensure that refunds are appropriately made and such other information as may be necessary for the proper implementation of this chapter.
(E) The city shall maintain and keep financial records for impact fees, which shall show the source and disbursement of all fees collected in or expended within each service area. The records of the account into which impact fees are deposited shall be open for public inspection and copying during ordinary business hours.
(Ord. 05-2018-36, passed 5-8-18)