(A) Compliance with Mitigation Fee Act. The fees collected pursuant to this subchapter shall be accounted for and invested as required by California Government Code Sections 66001 and 66006, or such other requirements as the law may impose with respect to such fees.
(B) Placement of Fees in Separate City Account. The Finance Director shall create a separate capital facilities account for each type of fee imposed and collected pursuant to this subchapter. The Finance Director shall receive all fees paid and place them in the appropriate capital facilities account. Within the capital facilities account, the Finance Director shall create sub-accounts as necessary. The Finance Director shall keep account of all funds received, their source, all expenditures therefrom and the purpose of all expenditures. All interest earned on investment of the funds in the capital facilities accounts shall be deposited in the capital facilities accounts and the sub-accounts therein and shall be expended only for the purpose for which the fee was originally collected.
(C) Annual Report. The Finance Director shall prepare an annual report thereon pursuant to Government Code 66006, and make such report available to the public stating: (1) the type of fee in the account, (2) the amount of the fee, (3) the beginning and ending balance of the account or fund, (4) the amount of the fees collected and the interest earned, (5) information relating to the public improvements on which the fees were expended, (6) the approximate date by which the construction of the improvement will commence if sufficient funds have been collected, (7) a description of inter-fund transfers or loans and (8) the amount of any refunds.
(D) Review of Annual Report. The City Council shall review said annual report at the first regularly scheduled public meeting more than 15 days after the report is made available to the public. Notice of such meeting shall be mailed at least 15 days prior to the meeting to any interested person who files a written request with the local agency for mailed notice of the meeting pursuant to Government Code Section 66006.
(Ord. 1463, passed 5-17-06)d