(a) All funds received by the city pursuant to Section 12.04.050 shall be deposited in a special trust fund, denominated the "curb, gutter, sidewalk, and paving special fund." All sums so deposited shall be kept separate and apart from all other funds or accounts of the city. Funds deposited in the special fund may be expended only to improve public streets or rights-of-way by the construction of curbs, sidewalks, gutters, or paving at the property or parcel for which the sums or amounts were paid into the fund.
(b) In the event that after all improvements have been made as to an individual parcel, and funds still remain on deposit therefor, the balance shall be forthwith paid to the person initially making the deposit. Further, in the event any deposit is unused or partially unused at the expiration of fifteen years after such deposit has been made, any and all sums remaining shall be forthwith paid to the person initially making the deposit. No sums on deposit with the city shall be deemed to accrue interest, nor shall the city be liable to pay to any person any interest charge or other charges.
(Ord. 64 § 6, 1963; Ord. 46 § 1 (part), 1962; prior code § 6705).