All money collected through the adoption of a development fee shall be maintained in separate interest-bearing accounts clearly identifying the payor and the category of capital improvements or facility expansions within the service area for which the fee was adopted with interest earned on development fees to become part of the account on which it is earned and subject to all restrictions placed on the use of development fees under State law. An annual report describing the amount of any development fees collected, encumbered and used during the preceding year by category of capital improvement and service area identified as provided shall be a part of the annual audit process. Disbursement from the separate accounts shall be made in accordance with State law. (Ord. 288, 3-9-1999)