§ 3.92.110. Establishment of impact fee accounts for parks and recreation

A. Impact fee receipts shall be earmarked specifically for parks and recreation and deposited in special interest-bearing accounts. The fees received shall be prudently invested in a manner consistent with the investment policies of the city.

B. There is established one separate impact fee account for the fees collected pursuant to this title: the parks and recreation impact account. Funds withdrawn from the account must be used in accordance with the provisions of Section 3.92.120 of this chapter. Interest earned on the fees deposited shall be retained in the account and expended for the purposes for which the impact fees were collected.

C. On an annual basis, the city financial director shall provide a report to the council on the parks and recreation impact fee account showing the source and amount of all moneys collected, earned, or received, and the public improvements that were financed in whole or in part by impact fees for the prior fiscal year.

D. Impact fees shall be expended or encumbered within six years of receipt.

(Ord. 2474 § 9, 1998)