(A) The city must establish an impact fee account for each benefit area and for each type of capital improvement for which an impact fee is imposed. Impact fees collected must be deposited in each such account according to type of improvement and benefit area. The funds of the account cannot be commingled with the city’s other funds. Any account previously established for the deposit of funds which would have been developer impact fees under this chapter are deemed an impact fee account for the purposes of this chapter.
(B) Each impact fee account must be interest- bearing and the accumulated interest will become a part of the account.
(C) The funds of each account will be expended within the benefit area exclusively for the capital improvements for which the impact fees were collected.
(Ord. 1076, passed 11-3-03)