A. The funds collected pursuant to this chapter shall be used solely for the purpose of planning, design, land acquisition, construction, expansion and development of system improvements for which the impact fees were collected.
B. The city shall be entitled to expend up to five percent (5%) of the impact fees collected annually to offset the permissible administrative costs associated with collection and use of such funds.
C. The city may issue bonds, revenue certificates and other obligations of indebtedness in such manner and subject to such limitations as may be provided by law in furtherance of the provision of capital improvement projects. Funds pledged toward retirement of bonds, revenue certificates or other obligations of indebtedness for such projects may include impact fees and other city revenues as may be allocated by the city council. The impact fees paid pursuant to this chapter, however, shall be restricted to use solely and exclusively for financing directly, or as a pledge against bonds, revenue certificates and other obligations of indebtedness for the cost of capital improvements or facility expansions as specified in this section. (Ord. 299-06-07, 4-24-2007, eff. 5-24-2007)