§ 48-273. Establishment of accounts.

(a)

The city secretary shall establish an account for each service area for each category of capital facility for which an impact fee is imposed pursuant to this article. Each impact fee collected within the service area shall be deposited in such account.

(b)

Interest earned on the account into which the impact fees are deposited shall be considered funds of the account and shall be used solely for the purposes authorized in section 48-275.

(c)

The city secretary shall establish adequate financial and accounting controls to ensure that impact fees disbursed from the account are utilized solely for the purposes authorized in section 48-275. Disbursement of funds shall be authorized by the city at such times as are reasonably necessary to carry out the purposes and intent of this article. Any fee impact paid shall be expended within a reasonable period of time, not to exceed ten years from the date the fee is deposited into the account. Execution of a design or construction contract by the city shall be considered to be expenditure of funds of the account.

(d)

The city secretary shall maintain and keep financial records for impact fees, which shall show the source and disbursement of all fees collected in or expended from each service area. The records of the account into which impact fees are deposited shall be open for public inspection and copying during ordinary business hours. The city may assess fees for copying services in accordance with the resolution governing public information.

(e)

The city secretary shall maintain and keep adequate financial records for the accounts which shall show the source and disbursement of all funds placed in or expended by such accounts.

(Code 1994, § 11.1013; Ord. No. 290, § 2, 8-29-2000)