Section 25-47.07 Reserved.
Prior to the adoption of Ord. 21093 on 09/19/2011, Section 25-47.07 read as follows.
(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
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)