(a) The city's financial management services department shall establish an account to which interest is allocated for each service area for which a transportation impact fee is imposed pursuant to this article. Each impact fee collected within the service area shall be deposited in such account.
(b) Interest earned on the account into which the impact fees are deposited shall be considered funds of the account and shall be used solely for the purposes authorized in § 30-157.
(c) The city's financial management services department shall establish adequate financial and accounting controls to ensure that transportation impact fees disbursed from the account are utilized solely for the purposes authorized in § 30-157. Disbursement of funds shall be authorized by the city at such times as are reasonably necessary to carry out the purposes and intent of this article; provided, however, that any road impact fee paid shall be expended within a reasonable period of time, but not to exceed ten years from the date the fee is deposited into the account.
(d) The city's financial management services department shall maintain and keep financial records for transportation impact fees, which shall show the source and disbursement of all fees collected in or expended from each service area. The records of the account into which impact fees are deposited shall be open for public inspection and copying during ordinary business hours. The city may establish a fee for copying services.
(Ord. 18083, § 1(1-8), passed 5-13-2008, eff. 7-1-2008; Ord. 18318-09-2008, § 4, passed 9-30-2008; Ord. 25810-10-2022, § 2, passed 10-25-2022, eff. 11-1-2022)