A. Pursuant to Cal. Gov’t Code § 66006, the Mobility Improvement Fund is hereby established.
B. The fees paid to the City under this Subchapter's provisions shall be deposited into the Mobility Improvement Fund and used solely for the purpose described in this Subchapter.
C. All monies deposited into the Mobility Improvement Fund shall be held separate and apart from other City funds.
D. All interest or other earnings on the unexpended balance in the Mobility Improvement Fund shall be credited to the Mobility Improvement Fund. There shall at all times be sufficient amounts of earned interest in the account to enable the City to pay all potential obligations for the refund of interest earned on fees which may be eligible for refunds per § 15.06.545. Any amounts of interest earned by the fund which exceeds the necessary reserve amount may be appropriated and disbursed for project list funding.
(Ord. No. 2021-006 § 2 (part))