A. Impact fees shall be earmarked specifically and deposited in special interest bearing accounts. The fees received shall be prudently invested in a manner consistent with the investment policies of the city.
B. Funds withdrawn from these accounts must be used in accordance with the provisions of section 3.04.120 of this chapter. Interest earned on the impact fees shall be retained in each of the accounts and expended for the purposes for which the impact fees were collected. Money in these accounts shall not be commingled with other funds.
C. Impact fees shall be disbursed, expended, or encumbered within six (6) years of receipt, unless the city council identifies in written findings an extraordinary and compelling reason or reasons for the city to hold the fees beyond the six (6) year period. Under such circumstances, the city council shall establish the period of time within which impact fees shall be expended or encumbered. (Ord. 2011-02: Ord. 96-102 § 3: prior code § 7-117)