§ 14.36.050. Establishment and Administration of Funds.

The Finance Director shall establish a Special Fund for each category of development impact fee established by this Chapter. All fees collected pursuant to this Chapter shall be deposited in the respective Special Fund established for that particular fee, and shall be expended solely to finance the planning, environmental review, design, construction, and development of facilities and related infrastructure necessary to support those facilities. Excess funds may be loaned from one Special Fund to another, or to the General Fund, as long as the loan (“Inter-Fund Loan “) complies with State law, does not interfere with the purpose for which the Special Fund was established, and is paid back in full within two years of the effective date of the loan agreement. If an Inter-Fund Loan remains outstanding at any given time, an additional Inter-Fund Loan shall only be permitted upon specific approval of the City Council.

[Ord. No. 425, adopted 2/23/05; Ord. No. 440, adopted 10/26/05; Ord. No. 566, Section 2, adopted 4/26/17.]