Use of Impact Fee Funds.
(a) All appropriations from impact fee accounts must be approved by the City.
(b) Prior to appropriating impact fee funds, the City Manager must generate, and submit to City Council, a written report which demonstrates that such funds are being used to finance public facility capacity that provides or will provide benefits to new development that are roughly proportionate to the impact of that development.
(c) Use of funds, development impact fee funds maybe used only for:
Public facility expenditures;
The payment of principal interest, and other financing costs on contracts, bonds, notes, or other obligations issued by or on behalf of the City to finance said public facilities.
(Ord. 2023-44. Passed 4-25-23.)