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A. Fees determined pursuant to Section 16.28.060 of this chapter shall be paid to the city and shall be deposited into the subdivision park trust fund. Money in said fund, including accrued interest, shall be expended solely for acquisition or development of parkland, or improvements reasonably related to serving the subdivision.
B. If such fees are not committed to a specific project within five years after the issuance of building permits on one-half the lots created by the subdivision, these fees, less an administrative charge, shall be distributed and paid to the then record owners of the subdivision in the same proportion that the size of their lot bears to the total area of all lots in the subdivision.
C. The City Manager shall report to the City Council at least annually on income, expenditures and status of the subdivision park trust fund. (Ord. 461 § 1(part), 1984).