(A) Separate accounts. Development impact fees collected pursuant to this chapter shall be placed in separate, interest-bearing ledger accounts for each capital facility category within each service area.
(B) Limitations on use of fees. Development impact fees and any interest thereon collected pursuant to this chapter shall be spent to provide capital facilities associated with the same category of necessary public services in the same service area for which they were collected, including costs of financing or debt used by the town to finance such capital facilities and other costs authorized by this chapter that are included in the Infrastructure Improvements Plan.
(C) Time limit. Development impact fees collected shall be used within 10 years of the date upon which they were collected for all categories of necessary public services except for water and wastewater facilities. For water facilities or wastewater facilities collected after July 31, 2014, development impact fees must be used within 15 years of the date upon which they were collected.
(D) Annual report. In addition to the report identified in § 154.15, at the end of each fiscal year, the city shall prepare a report on each fund or ledger account. The report shall show:
(1) The source and amount of all money collected, earned, and received by the fund or ledger account; and
(2) Each expenditure from the fund or ledger account.
(Ord. 2015-01, passed 2-18-2015)