(a) The city shall establish an account to which interest is allocated for each benefit area for each type of capital facility for which an impact fee is imposed pursuant to this division. Each impact fee collected within the benefit 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 issued solely for the purposes authorized in § 35-70.9.
(c) The city shall establish adequate financial and accounting controls to assure that impact fees disbursed from the account are utilized solely for the purposes authorized in § 35-70.9. 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 division; provided, however, that funds shall be expended within a reasonable period of time, but not to exceed ten years from the date that an impact fee has been paid.
(d) The city shall maintain and keep financial records for impact fees, which shall show the source and disbursement of all fees collected in or expended from each benefit area. The records of such accounts shall be open for public inspection and copying during ordinary business hours.
(Ord. 10601, § 1(1.13), passed 6-5-1990)