§ 9.75-66. Maintenance of funds.

Latest version.

(a)

All development impact fee funds collected for future expenditure on construction or expansion of facilities pursuant to this chapter shall be maintained in one (1) or more interest-bearing accounts until encumbered or expended. Restrictions on the investment of development impact fee funds shall be the same that apply to investment of all such funds generally.

(b)

Separate accounting records shall be maintained for each category of system improvements within each service area wherein fees are collected.

(c)

Interest earned on development impact fees shall be considered funds of the account on which it is earned and shall be subject to all restrictions placed on the use of development impact fees under this chapter.

(Ord. No. 71-06, § 7.01, 10-19-06)

                    
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