(A) Funds collected from development impact fees shall be used for the purpose of:
(1) Paying the actual or estimated costs of constructing and/or improving the public facilities within the city to which the specific fee or fees relate, including any required acquisition of land or rights-of-way therefor;
(2) Reimbursing the city for the development's share of those public facilities already constructed by the city or to reimburse the city for costs advanced, including, without limitation, administrative costs incurred with respect to a specific public facilities project; or
(3) To reimburse other developers who have constructed public facilities described in the resolution adopted pursuant to § 8.56.030 of this chapter, where those facilities were beyond that needed to mitigate the impact of the developer's project or projects.
(B) In the event that bonds or similar debt instruments are issued for advanced provision of public facilities for which development impact fees may be expended, impact fees may be used to pay debt service on such bonds or similar debt instruments to the extent that the facilities provided are of the type to which the fees involved relate.
(C) At least once each fiscal period, the City Manager of the City of Tulare (herein "City Manager"), or his or her duly authorized designee, shall present to the City Council a proposed five-year capital improvement program for the various public facilities referenced in the resolution adopted pursuant to § 8.56.030 of this chapter assigning monies (including any accrued interest) from the funds referenced in § 8.56.060 of this chapter to specific improvement projects and related expenses. Monies, including any accrued interest, not assigned in any fiscal period shall be retained in the same fund until the next fiscal period except as provided by the refund provisions of § 8.56.110 of this chapter.
(D) Funds may be used to provide refunds as described in § 8.56.110.
(E) The city shall be entitled to make loans of funds collected from one fund to another, provided that the loans are properly recorded in the records of the Finance Department and repaid with interest equal to the interest earned by the city on its funds invested with the Local Agency Investment Fund (LAIF) through the state.
(Ord. 19-08, passed 12-17-2019)