The fees paid pursuant to this subchapter shall be segregated and held in trust by the town in its Public Facilities Impact Fee Fund. The town shall maintain records of monies collected adequate to determine the amount contributed to the fund from each particular development. The funds collected shall be used only to acquire, construct or provide general administrative facilities needed or anticipated as a result of the new development. The town shall maintain records of all funds expended and the purposes for which they were expended.
(Ord. 2007-12, passed 7-24-2007)