(A) The city shall establish separate interest-bearing accounts in a bank authorized to receive deposits of city funds for each major category of capital facility for which an impact fee is imposed pursuant to this chapter.
(B) Interest earned by each account shall be credited to that account and shall be used solely for the purposes specified for funds authorized in § 153.31.
(C) The city shall establish adequate financial and accounting controls to ensure that impact fees disbursed from the account are utilized solely for the purposes authorized in § 153.31. Disbursement of funds shall be authorized by the city at such times as are reasonably necessary to carry out the purposes and intent of this chapter; provided, however, that any fee paid shall be expended within a reasonable period of time, but not to exceed ten years from the date the fee is deposited into the account.
(D) The city shall maintain and keep adequate financial records for each such account, which shall show the source and disbursement of all revenues, which shall account for all monies received and which shall ensure that the disbursement of funds from each account shall be used solely and exclusively for the provision of uses specified in the capital improvements program as system-related capital projects. The City Finance Department shall also maintain such records as are necessary to ensure that refunds are appropriately made under the provision in § 153.46 of this chapter and any other information as may be necessary for the proper implementation of this chapter.
(Ord. 1293, passed 12-14-99)