Impact fees shall be expended only for the types of capital improvements for legitimate city expenses, for which they were imposed, calculated and collected and according to the time limits and procedures established in this subchapter. Impact fees may be used to pay the principal, interest and other costs of bonds, notes and other obligations issued or undertaken by or on behalf of the city to finance its operations and improvements.
(Prior Code, § 150.62) (Ord. 06-O-1870, passed 8-2-2006)