(a)
The impact fees collected within each service area may be used to finance, pay for or to recoup the costs of any capital improvements identified in the capacity plans for the service area, including the construction contract price, surveying and engineering fees.
(b)
Impact fees may be used to pay for the contract services of an independent qualified engineer or financial consultant preparing or updating the capacity plans who is not an employee of the political subdivision.
(c)
Impact fees also may be used to pay the principal sum and interest and other finance costs on bonds, notes or other obligations issued by or on behalf of the city to finance such capital improvements in the capacity plans.
(d)
The city’s finance department shall establish an account to which interest is allocated for each service area which interest earned on the impact fees shall be considered funds of the account and shall be used solely for the purposes authorized in this chapter.
(e)
The city’s finance department shall maintain and keep financial records for impact fees which shows the source and disbursement of all fees collected in or expended from each service area to be provided in the semiannual report to the capital improvements advisory committee.
(f)
The city will present the financial records for impact fees to the capital improvements advisory committee twice a year and shall be open for public inspection.
(Ordinance 2020-O0136 adopted 10/27/2020)