10-6-6: CASH IN LIEU OF LAND CONTRIBUTION:
   A.   Where the development is small and the resulting site is too small to be practical or when the available land is inappropriate for park and recreational purposes or a school site, the village shall require the subdivider or developer to pay a cash contribution in lieu of the land dedication required. The cash contributions in lieu of park and recreation land dedication shall be held in trust by the village, or other public entity designated by the village, solely for the acquisition of park and recreation land as hereinbefore classified, which will be available to serve the immediate or future needs of the residents of that subdivision or development or for the improvement of other existing local park and recreation land which already serves such needs.
   B.   The cash contributions in lieu of school sites shall be held in trust by the village, or other public entity designated by the village, solely for use in the acquisition of land for a school site to serve the immediate or future needs of children from that subdivision or development or for the improvement to any existing school site which already serves such needs or for the improvement or use of any school site specifically and uniquely attributable to the proposed subdivision or development. If any portion of cash contribution in lieu of park and recreation land dedication, or cash contribution in lieu of school site, is not expended for the purposes set forth herein within twenty (20) years from the date of receipt, it shall be refunded to the developer who made such contribution.
   C.   Prior to distribution of any funds under this chapter to a public entity, the public entity shall give to the village a hold harmless and indemnification, indemnifying the village from any and all causes of action or other liability that may arise on account of the distribution or an expenditure of the funds by the public entity. (1999 Code § 10.05.12)