(a) Impact Fees may be expended only for Utility Capital Improvements, as defined in this chapter, and to pay the principal, interest and other costs of bonds, notes and other obligations issued or undertaken by or on behalf of the Village to finance such improvements.
(b) The Village may issue bonds, revenue certificates and other obligations of indebtedness in such manner and subject to such limitations as may be provided by law in furtherance of Utility Capital Improvement projects. Funds pledged toward retirement of bonds, revenue certificates, or other obligations of indebtedness for such projects may include Impact Fees and other Village revenues as may be allocated by Council. Impact Fees paid pursuant to this chapter, however, shall be restricted to use solely and inclusively for financing directly, or as a pledge against bonds, revenue certificates, and other obligations of indebtedness, for the cost of Utility Capital Improvements as specified in this chapter.
(Ord. 96-112. Passed 4-4-96.)