(A) All funds collected through the adoption of this subchapter shall be deposited in interest bearing accounts clearly identifying the category of capital improvements or facility expansions within the service area for which these fees were adopted. Interest earned on such fees is considered funds of the account on which it is earned and is subject to all restrictions placed on the use of these fees.
(B) Impact fee funds may be spent only for the purposes for which the fee was imposed.
(C) The records of account into which impact fees are deposited shall be open for public inspection and copying during ordinary business hours of the city.
(D) Impact fees may be assessed to areas where services are not currently available, but impact fees may not be collected under this subchapter as follows.
(1) Unless the collection is made to pay for a capital improvement or facility expansion that has been identified, and the city commits to commence construction within two years of such capital improvement or facility expansion, and commits to have the service available within a reasonable period of time not to exceed five years.
(2) Unless the city agrees that an owner of a new development may construct or finance the capital improvements or facility expansions and agrees that the costs incurred or funds advanced will be credited against the impact fees otherwise due from the new development or the city agrees to reimburse the owner for such costs from impact fees paid from other new developments that will use such capital improvements or facility expansions.
(3) Unless the owner voluntarily requests the city to reserve capacity to serve future development and the city and the owner enter into a valid written agreement.
('78 Code, § 17-91) (Ord. 869, passed 6-13-90)