(A) There is hereby created a fund to be known as the park acquisition and improvement fund.
(B) The purpose of the park acquisition and improvement fund is to provide a source of funds for the acquisition and capital construction and improvement costs related to neighborhood and community parks, as defined in § 154.02 of this code.
(C) Deposits into the park acquisition and improvement fund shall be city and county park impact fees together with budgeted revenues from any other appropriate revenue source as determined and directed by the City Commission. City impact fee deposits shall be segregated in accordance with the requirements of § 154.74(E) of this code and county impact fee deposits shall be segregated in accordance with requirements imposed by the county.
(D) Funds in the park acquisition and improvement fund may be expended for any Budgeted capital park project approved by the City Commission; provided, however, that funds derived from city impact fees may be expended only in accordance with the requirements of § 154.74(E) of this code and funds derived from county impact fees may be expended only in accordance with the requirements imposed by the county; provided further that no expenditure may be approved unless the project and amount of expenditure are specified in a capital improvements program adopted by the City Commission by resolution.
(E) The Finance Director shall invest any surplus funds in the park acquisition and improvement fund in the same manner as other surplus funds of the city. All income accruing from investment of the park acquisition and improvement fund shall be retained in the fund.
(Ord. 85-48, passed 4-23-85; Am. Ord. 2016-80, passed 9-27-16)