A. Pursuant to and consistent with the requirements of Montana Code Annotated section 7-6-1603(1)(a), impact fee receipts shall be earmarked specifically and deposited in a Special Revenue Fund created specifically for each public facility as identified in the Service Area Report. Such Special Revenue Fund shall constitute the "Special Proprietary Fund" referred to in Montana Code Annotated section 7-6-1603(1)(a).
B. Funds withdrawn from these Special Revenue Funds must be used in accordance with the provisions of section 10-2-9 of this chapter and applicable State law. Interest earned on the fees shall be allocated to the Special Revenue Funds and expended for the purposes for which the impact fees were collected.
C. On an annual basis, the Finance Director shall provide a report to the Council on the Impact Fee Special Revenue Funds showing the source and amount of all monies collected, earned, or received, the public improvements that were financed in whole or in part by impact fees, and any administrative expenses incurred by the Impact Fee Fund.
(Ord. 18-38, 12-3-2018; amd. Ord. 23-23, 11-6-2023, eff. 1-1-2024)