A. Establishment and Administration of the Trunk Fee Funds. The city's director of finance is directed to establish and administer two special interest-bearing funds entitled "Bell Avenue planned local storm drainage facilities fund" and "Bell Avenue planned local sanitary sewer facilities fund." All storm drainage and sanitary sewer trunk fees collected pursuant to this chapter shall be deposited into these respective funds. These funds shall be kept segregated from the general fund. The monies in the storm drainage facilities fund shall be expanded solely for the construction or reimbursement of construction of the storm drainage improvements. The monies in the sanitary sewer facilities fund shall be expended solely for the construction of the trunk sanitary sewer improvements. Both funds shall reimburse the city for the cost of engineering and administrative services related to district formation, administration, design and construction of the plan improvements.
B. Payment of Trunk Fees. The fees imposed by this chapter shall be paid to the city by any owner of a property within the benefit areas, not exempted pursuant to this chapter, prior to approval of a final subdivision map, final parcel map, issuance of a building permit or connection to the plan improvements, whichever occurs first. After maximum fees per gross acre as set forth herein have been paid for a property, no additional fees pursuant to this chapter shall be imposed for further subdivision, permits or other entitlements granted to such property.
C. Determination of Trunk Fees. The amount of the trunk fees assessed under this chapter shall be determined by resolution of the city council.
D. Properties Exempted from Trunk Fees. The city may initiate proceedings to form a special assessment district within a portion of the Bell Avenue benefit areas. The bond proceeds of this district will be used to finance the construction of the trunk portion of the plan improvements. All properties which have joined in said assessment district prior to formation and which pay their pro rata share of the plan improvement through annual installments to the assessment district shall be exempt from all trunk fees imposed under this chapter.
E. Termination of Trunk Fees. The trunk fees imposed herein shall be collected until such times as all properties subject to this chapter have paid their fees or until June 30, 1999, whichever occurs first. (Prior code § 78.01.110)