(A)   The revenues received from the systems development charges shall be budgeted and expended as provided by state law (O.R.S. 223.297 through 223.314). Such revenues and expenditures shall be accounted for as required by state law. Their reporting shall be included in the city’s comprehensive annual financial report required by O.R.S. Chapter 294, including a list of the amount spent on each project funded, in whole or in part, with system development charges.
   (B)   The capital improvement plan (CIP) required by state law as the basis for expending the improvement fee component of system development charge revenues shall be the city’s capital improvements plan, public facility plan, master plan, and the capital improvements plan of any other governmental entity with which the city has a cooperative agreement for the financing of commonly used public improvements by the collection of systems development charges, provided the plan is based on methodologies conforming with state law and is consistent with the city’s CIP and the city’s Comprehensive Plan.
(Ord. 264, passed 8-19-2003)