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A. Transfer Of Funds By City Clerk: Upon receipt of impact fees, the city clerk shall be responsible for placement of such funds into separate accounts as hereinafter specified. All such funds shall be deposited in interest bearing accounts, within the capital project fund, in a bank authorized to receive deposits of city funds. Interest earned by each account shall be credited to that account and shall be used solely for the purposes specified for funds of such account.
B. Establishment And Maintenance Of Accounts: The city clerk shall establish separate accounts and maintain records for each such account.
C. Maintenance Of Records: The city clerk shall maintain and keep accurate financial records for each such account that shall show the source and disbursement of all revenues; that shall account for all monies received; that shall ensure that the disbursement of funds from each account shall be used solely and exclusively for the provision of projects specified in the capital improvements plan; and that shall provide an annual accounting for each impact fee account showing the source and amount of all funds collected and the projects that were funded.
D. Spending: Development impact fees shall only be spent for the category of system improvements for which the fees are collected.
E. Review And Modification: Unless the city council deems some other time period is appropriate, the city shall at least once every five (5) years commencing from the date of the original adoption of the capital improvements plan, review the development potential of the city and update the capital improvements plan in accordance with the procedures set forth in section 67-8206, Idaho Code. The city may make any updates as are deemed necessary as a result of: 1) development occurring in the prior year; 2) capital improvements actually constructed; 3) changing facility needs; 4) inflation; 5) revised cost estimates for capital improvements; 6) changes in the availability of other funding projects; and 7) such other factors as may be relevant.
F. Capital Budget: The city shall annually adopt a capital budget.
G. Annual Report: As part of its annual audit process, the city shall prepare an annual report describing the amount of all development impact fees collected, appropriated, or spent during the preceding year by category of public facility and service area.
H. Earmarking And Expenditure: All other requirements of section 67-8210, Idaho Code, regarding earmarking and expenditure of collected development impact fees, shall apply. (Ord. 211, 4-4-2006)