(a) The funds collected pursuant to this chapter shall be used solely for the purpose of acquisition, expansion and development of the public facilities determined to be needed to serve new growth and development, including, but not limited to:
(1) Design and construction plan preparation;
(2) Right-of-way acquisition;
(3) Construction of through lanes;
(4) Construction of turn lanes;
(5) Construction of bridges;
(6) Construction of draining facilities in conjunction with roadway construction;
(7) Purchase and installation of traffic signalization; and
(8) Construction of curbs, sidewalks, medians and shoulders.
(b) The road impact fees collected by the City shall be kept separate from other funds of the City.
(c) A “Road Impact Fee Fund” shall be established to insure that the fees collected pursuant to this chapter are appropriately earmarked and spent for the capital expansion of the Municipal road system in the Road Impact Fee Use District Established in Section 913.12.
(d) Road impact fees shall be accrued to the account established for the impact district in which the new development is proposed, and proceeds from the account shall be used exclusively for capital expansion of the Municipal road system in the impact district from which the monies were collected.
(e) Any funds in the account on deposit not immediately necessary for expenditure shall be invested in interest bearing accounts. All income derived from these investments shall be retained in the appropriate trust account.
(f) Funds withdrawn from the account must be used solely in accordance with the provision of this Section.
(Ord. 07-07. Passed 2-7-07.)
(Ord. 07-07. Passed 2-7-07.)