A. Capital Projects Funds Established: The capital projects fund will be maintained by the county for the purpose of ensuring that all impact fees collected, pursuant to this chapter, are used to address impacts reasonably attributable to new development for which the impact fees are paid. The capital projects fund shall have its own interest-bearing account. The interest earned on the account pursuant to Idaho Code § 67-8210(1) shall not be governed by Idaho Code § 57-127, as it may be amended, but shall be considered funds of the capital projects fund and shall be subject to the same restrictions on uses of funds as the impact fees on which the interest is generated.
B. Deposit of Impact Fees: All monies paid by a fee payer, pursuant to this chapter, shall be identified as impact fees and upon receipt by the county shall be promptly deposited in the capital projects fund account.
1. Monies in the capital projects fund account shall be spent in the order collected, on a first- in/first-out basis.
2. The county shall maintain and keep accurate financial records for the account which records shall:
a. Show the source and disbursement of all revenues;
b. Account for all monies received;
c. Ensure that the disbursement of funds from the account shall be used solely and exclusively for the provisions of projects specified in the capital improvements plan; and
d. Provide an annual accounting for the impact fee capital projects fund account showing the source and amount of all funds collected and the projects that were funded, which annual accounting shall be provided to the county as part of the annual audit process of this chapter. (Ord. 2021-10, -23-2021)