The City will account for and hold Impact Fees as follows:
A. Accounting And Holding: The City will establish a separate interest-bearing ledger account for each type of public facility for which an impact fee is collected, deposit all impact fees in the appropriate ledger account, retain the interest earned on each account in the ledger account, and otherwise conform to the accounting requirements provided in the Impact Fees Act. Impact fees collected prior to the effective date of this chapter should also meet the requirements of this section.
B. Reporting: At the end of each fiscal year, the City shall prepare a report pursuant to Utah Code Ann. § 11-36a-601. (Ord. 2021.28, 12-15-2021)