A. Collection Of Impact Fees By The Impact Fees Administrator Or His/Her Designee: The impact fees administrator or his/her designee shall be responsible for collection of the impact fees. Upon receipt of impact fees, the impact fees administrator or his/her designee shall place such funds into separate accounts as specified in this chapter. All such funds shall be deposited in interest bearing accounts in a bank authorized to receive deposits of city funds. Interest earned by each account shall be credited to that account and shall be used solely for the purposes specified for funds of such account.
B. Establishment And Maintenance Of Records: The impact fees administrator or his/her designee shall establish and maintain accurate financial records for the impact fees collected pursuant to this chapter which shall clearly identify for each impact fee payment the payer of the impact fee, the specific development project for which the fee was paid, the date of receipt of the impact fee, the amount received, the category of capital improvement for which the fee was collected, and the applicable service area. The financial records shall show the disbursement of all impact fees, including the date and purpose of each disbursement.
C. Annual Reports: The impact fees administrator or his/her designee shall prepare and present to the city council an annual report describing the amount of any impact fees collected, encumbered and used during the preceding year by category of capital improvement and service area.
D. Public Inspection: The records of the accounts shall be available for public inspections and copying at the city during ordinary city business hours.
E. Expenses Of Administration: An amount not to exceed five percent (5%) of the total of all impact fees collected may be allocated and applied for administration of this chapter for city employees who are qualified professionals. (Ord. 299-06-07, 4-24-2007, eff. 5-24-2007)