(A) Separate accounts. Development impact fees collected pursuant to this chapter shall be placed in separate, interest-bearing accounts for each capital facility category within each service area.
(B) Limitations on use of fees. Development impact fees and any interest thereon collected pursuant to this chapter shall be spent to provide capital facilities associated with the same category of necessary public services in the same service area for which they were collected, including costs of financing or debt used by the town to finance such capital facilities and other costs authorized by this chapter that are included in the Infrastructure Improvements Plan.
(C) Time limit. Development impact fees collected after July 31, 2014, shall be used within ten years of the date upon which they were collected for all categories of necessary public services except for water and wastewater facilities. For water facilities or wastewater facilities collected after July 31, 2014, development impact fees must be used within 15 years of the date upon which they were collected.
(Res. 2774, passed 5-15-14; Am. Ord. 847, passed 5-15-14)