§ 98-513. Establishment of accounts and records.

(a)

The city manager shall establish separate interest-bearing accounts for water and sanitary sewer impact fees.

(b)

Interest earned by each account shall be credited to that account and shall be used solely for the purposes specified for funds authorized in section 98-514.

(c)

The city manager shall establish adequate financial and accounting controls to ensure that impact fees disbursed from the account are utilized solely for the purposes authorized in this article. Disbursement of funds shall be authorized by the city manager at such times as are reasonably necessary to carry out the purposes and intent of this article; provided, however, that any fee paid shall be expended within a reasonable period of time, but not to exceed ten years from the date the fee is deposited into the account.

(d)

The city manager shall maintain and keep adequate financial records for each such account, which shall show the source and disbursement of all revenues, which shall account for all monies received, and which shall ensure that the disbursement of funds from each account shall be used solely and exclusively for the provision of uses specified in the capital improvement plans as system-related capital projects.

(Ord. No. O-2002-011-16, § 1, 3-26-02)