(A) The village has an established account for each benefit area, as designated by the Village Engineer, for each type of capital improvement for which an impact fee is imposed, and impact fees collected shall be deposited in each account according to the type of improvement and benefit area. The funds of the account shall not be commingled with other funds of the village. Any account previously established for the deposit of funds, which would have been developer impact fees under this subchapter shall be deemed an impact fee account.
(B) Each impact fee account shall be interest bearing and the accumulated interest shall become a part of the account.
(C) The funds of each account shall be expended within the benefit area (all undeveloped land within the municipal boundaries) exclusively for the capital improvements for which the impact fees were collected.
(Ord. 2007-05, passed 2-27-2007)