For the purposes of accounting, the City shall be divided into areas as determined by the City Council by resolution. Revenues from the New Development Impact Fund shall be accounted for by each area in which the new development is located. The City Treasurer shall maintain records identifying by area the origin of the funds used in whole or in part, for any project or improvement, by the New Development Impact Fund. Such records shall enable the City Treasurer to account for and trace the fees from new developments to specific projects funded by such fees from new development within each area. The fees collected shall be disbursed on the basis of a first-in-first-out accounting method for qualified projects within each area, impact zone or special project. Interest earned on the fund shall be part of the fund and shall be accountable by area; provided, however, that monies in the fund may be commingled for investment purposes with other City assets with a pro rata share of resulting interest earnings credited to the fund.
('65 Code, § 33H-6) (Ord. No. 83-021 § 1; Ord. No. 96-007 § 1 (part))