There is hereby created and established a special purpose fund to be designated and known as the streets capital improvement fund.
(Ord. 1182 § 1, 2006)
The fund balances in the traffic mitigation fund and the transportation impact fee fund as of the effective date of the ordinance codified in this chapter shall be transferred to the streets capital improvement fund. All moneys collected by the city through imposition of the transportation impact fee and the traffic mitigation fee after the effective date of the ordinance codified in this chapter shall be deposited in the streets capital improvement fund. In adopting the annual budget, and from time to time by ordinance, the council may provide that other revenues collected by the city from taxes, loans, grants, or any other source shall be deposited in the streets capital improvement fund.
(Ord. 1182 § 3, 2006)
Moneys in the streets capital improvement fund shall be used to fund capital improvement projects for the development of streets, roads and other transportation infrastructure and to pay debt service on debt obligations incurred to finance such capital improvement projects as authorized by the council in the annual budget.
(Ord. 1182 § 4, 2006)
The city shall establish accounting procedures to ensure that moneys deposited in the streets capital improvement fund from the transportation impact fee, the traffic mitigation fee, grants, loans or any other dedicated funding source are accounted for and expended in a manner consistent with the terms and conditions of the legislation or contractual agreements governing such funding sources.
(Ord. 1182 § 5, 2006)