(a) Moneys deposited to the street improvement revolving fund from the collection of impact fees shall be accounted for on a project basis. At the discretion of the council, other revenues as may legally be used for such projects, may be deposited to the revolving fund. Impact fee funds shall be used solely for the construction of the local street portion of collector and arterial streets in accordance with the provisions of this article.

    (b) Impact fee funds deposited to the revolving fund which are not immediately necessary for expenditure or reimbursement shall be placed in an interest-bearing account and such funds and the interest thereon shall be used solely for the construction of the local street portion of collector and arterial streets.

    (c) The finance department shall maintain and keep records which shall show the source and disbursement of all funds; account for all funds received; and ensure that the disbursement of impact fee funds shall be used solely and exclusively for the construction of the local street portion of collector and arterial streets.

    (d) Disbursement of funds from the revolving fund shall be authorized by the council at such times as are reasonably necessary to carry out the purposes and intent of this article.

    (e) The finance director shall, not less often than annually, prepare a statement of the revolving fund which shall show funds received, funds disbursed and status of projects.

(Ord. No. 10833, § 5, 12-16-85)