The City is authorized under this code section and Idaho Code 67-8204A to enter into intergovernmental agreements with other governmental entities or highway districts, fire districts, water districts, sewer districts recreational water and sewer districts or irrigation districts and the Idaho Department of Transportation for the purpose of developing joint plans for capital improvements or for the purpose of agreeing to collect and expend development impact fees for system improvements or both.
All intergovernmental agreements shall contain a provision requiring the City or the other party to the intergovernmental agreement to establish and maintain a Capital Projects Fund Account or similar trust fund for the purpose of ensuring that all development impact fees collected, pursuant to the intergovernmental agreement, are used to address impacts reasonably attributable to new development for which the development impact fees are paid. The Capital Projects Fund shall be divided into one (1) or more trust accounts. All funds in all trust accounts shall be maintained in an interest-bearing account. The interest earned on each trust account pursuant to Idaho Code Section 67-8210(1) shall not be governed by Idaho Code section 57-127, as it may be amended, but shall be considered funds of each account and shall be subject to the same restrictions on uses of funds as the development impact fees on which the interest is generated. (Ord. 835, 11-10-2020)