A. Capital Improvements Fund: The fees collected pursuant to this provision shall be deposited in a capital improvements fund and shall be used to purchase or make capital improvements benefiting the new development for which impact fees have been assessed. (Ord. 14-7, 9-23-2014, eff. 12-23-2014)
B. Accumulation In Separate Accounts: The city may, in accordance with state law, accumulate in separate accounts, revenues received pursuant to this provision until such time as there are sufficient monies to purchase or construct the designated capital improvements.
C. Interest Bearing Account; Included, Excluded Improvements:
1. The impact fee should be deposited into an interest bearing ledger account and may be only used for capital improvements to the capital facility system for which the fee was collected.
2. These improvements may include the construction contract price, the cost of acquiring land, improvements, materials and fixtures, the cost for planning, surveying and engineering fees for services provided for and directly related to the construction of the system improvements, the debt service charges incurred if the improvements are financed by bonds, notes or other obligations carrying debt service charges, and for the cost of issuance of any such bonds, notes or other obligations.
3. The impact fees may not be used for operation or maintenance costs for any public facilities within the city. (Ord. 09-2, 4-14-2009, eff. 4-15-2009)