(A) The city’s Finance Department shall establish separate interest-bearing accounts clearly identifying the category of capital improvement (i.e. wastewater facility).
(B) Interest earned by each account shall be credited to the account on which it is earned and shall be used solely for the purposes specified for impact fees as authorized herein.
(C) The city’s Finance Department shall establish adequate financial and accounting controls to ensure that impact fees disbursed from the account are utilized solely for the purposes authorized in this chapter. 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 chapter; provided, however, that any 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 Department of Finance shall maintain and keep adequate financial records for each such account, which shall show the source and disbursement of all revenues, which shall account for all monies received, the number of service units for which the monies are received, and which shall ensure that the disbursement of funds from each account shall be used solely and exclusively for the provision of projects specified in the Impact Fee Capital Improvements Plan as area-related capital projects.
(E) The city’s Department of Finance shall also maintain such records as are necessary to ensure that refunds are appropriately made in accordance with this chapter.
(F) The records of the account into which impact fees are deposited shall be open for public inspection and copying during ordinary city business hours. The cost for copies is as annually adopted in the city’s fee schedule.
(Ord. 2022-16, passed 3-8-22
; Am. Ord. 2022-67, passed 11-15-22)