§ 31.10 CAPITAL EXPANSION TRUST FUNDS.

   (A)   Creation. The following capital expansion trust funds are created:

      (1)   Police Protection Capital Expansion Trust Fund.

      (2)   Fire Protection Capital Expansion Trust Fund.

      (3)   Public Works Facilities Capital Expansion Trust Fund.

      (4)   Parks and Recreational Facilities Capital Expansion Trust Fund.

   (B)   Deposit of fees. All impact fees collected by the city under §§ 150.15 through 150.20 shall be separately accounted for and shall be deposited only in the capital trust fund for which they were collected.

   (C)   Use of funds.

      (1)   Amounts in each capital expansion trust fund shall be used only for the purpose contained in the title of the fund and for no other purpose. Expenditures from each fund shall be specifically approved by the City Commission and shall be limited to the expansion or acquisition of capital facilities or equipment made necessary by the new construction from which the fees were collected, or for principal payments (including sinking fund payments) on bonds to expand or acquire such facilities or equipment.

      (2)   Before authorizing an expenditure from any one of these trust funds, the City Commission shall determine that:

         (a)   The expenditure is for capital facilities or equipment to be used for the purpose contained in the title of the trust fund from which the expenditure is to be made;

         (b)   The expenditure is made necessary by the new construction from which the funds were collected; and

         (c)   The expenditure will result in reasonable benefit to the new construction from which the funds were collected.

   (D)   Capital expansion plans. The City Commission shall prepare and maintain a capital expansion plan for each fund. These plans shall be reviewed at least annually during the budget review process.

(Ord. 279, passed 3-19-87)