§ 47-38A.6. Park impact fee accounts.

(a)

Park impact fee receipts shall be earmarked specifically and retained in a special interest bearing account established by the city solely for park impact fees. All interest shall be retained in the account and expended for the purpose or purposes for which said fees were imposed. Annually, the city shall prepare a report on the source and amount of all park impact fees collected, interest earned, and the park and recreational facilities that were financed in whole or in part by said fees.

(b)

Park impact fees shall be expended for park system improvements as that term is defined in Section 47-38A.2. Impact fees may be spent to retire debt for existing facilities, provided that those facilities have not been included in determining the existing level of service on which the park impact fees were calculated.

(c)

Park impact fees shall be expended or encumbered by the city for a permissible use within six (6) years of receipt by the city. Fees shall be considered expended on a first-in, first-out basis.

(Ord. No. C-06-14, § 2, 6-20-06)