All of the systems development charges collected shall be placed in one or more special funds which are hereby created and established for such purposes and which shall be known as the Systems Development Funds. Sums collected under this chapter may only be expended for improvements intended for each System Development Fund category as established by the City Council. The City Council may, upon recommendation from the City Manager in consultation with the City Finance Director, allow cross borrowing of funds only upon making the following findings for over-riding need and necessity:
(A) The cross borrowing of funds will not adversely impact needed improvements within existing established neighborhoods of the city identified within the Capital Improvement Program of the city;
(B) The cross borrowing of funds will result in a more efficient infrastructure system with lower operating costs than envisioned by the Capital Improvement Program;
(C) The cross borrowing of funds will have a direct environmental benefit than otherwise envisioned by the Capital Improvement Program; and
(D) The crossing borrowing of funds will not impact needed government and public safety facilities identified within the Capital Improvement Program.
(E) If funds are allowed to be borrowed, then the request shall include a repayment plan with the mechanisms and timing for the repayment of the funds borrowed.
(F) During the construction of individual facilities identified in the Capital Improvement Program, the City Manager shall have the authority to make loans among the System Development Fee funds to assure adequate cash flow for the construction if said public facility. The City Manager may only do so after making a determination that the inter-fund loan does not interfere with the scheduled Capital Improvement Program of the lending fund. Interest on each loan shall be the same rate then earned on other city funds.
(Ord. 2015-016, passed 10-27-15)