(A) Any fees or other funds that are collected by the city for the purpose of satisfying the requirements of this chapter shall be deposited in a separate account, and shall be used only to acquire or develop new public parks, open spaces or park infrastructure that most-directly benefits the residential development from which the funds were obtained, and as shall be approved, ordered and directed by the City Council. The City Council may, at its sole discretion, request or direct the Parks and Recreation Commission to make a recommendation for the expenditure of said funds.
(B) Any and all interest accumulated from such funds shall accrue to the separate account, and shall be used only for acquisition and development of public parks and open spaces in the same manner as the funds that generated the interest to the extent practical, but in all cases to provide additional public parks, open space and park infrastructure that will serve and benefit the residents of the developments that provided such funds.
(C) No such funds or accumulated interest shall be used to replace, repair or maintain any park infrastructure that exists or did exist at any prior time, unless the City Council finds that the previously existing infrastructure was replaced by other infrastructure that remains in place and in good condition, or otherwise finds that expenditure of such funds or interest to re-establish the previously existing infrastructure does in fact thereby constitute and provide new and additional recreational opportunities and services to the residents of a new development from which such funds or interest were generated.