There is hereby created and established a special purpose fund to be designated and known as the parks capital improvement fund.
(Ord. 1185 § 1, 2006)
The fund balance in the parks impact fee fund as of the effective date of the ordinance codified in this chapter shall be transferred to the parks capital improvement fund. All moneys collected by the city through imposition of the parks impact fee after the effective date of the ordinance codified in this chapter shall be deposited in the parks 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 parks capital improvement fund.
(Ord. 1185 § 3, 2006)
Moneys in the parks capital improvement fund shall be used to fund capital improvement projects for the development of parks and recreation facilities 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. 1185 § 4, 2006)
The city shall establish accounting procedures to ensure that moneys deposited in the parks capital improvement fund from the parks impact 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. 1185 § 5, 2006)