(A) Development impact fees collected pursuant to this chapter shall be kept separate from other revenue of the town. There shall be one trust fund established for each development impact fee category depicted in Appendix A
of this chapter: recreation, fire protection, municipal facilities and equipment, and transportation. All development impact fees collected shall be properly identified by property address noted on the approved building permit and by the appropriate trust account.
(B) Any funds on deposit not immediately necessary for expenditure shall be maintained in an interest-bearing account prior to expenditure on recommended projects. Interest earned on development impact fees in deposit must be considered revenue to the trust fund account for which income is earned and must be subject to all restrictions placed on the use of development impact fees pursuant to this chapter.
(Ord. 17009, passed 4-3-17; Am. Ord. 18068, passed 10-9-18)