§ 42-100. Water facilities impact fee fund established.

(a)

The water facilities impact fees collected pursuant to this article shall be deposited into a fund called the city water facilities impact fee fund. The fees deposited in the fund shall be used only for the construction and acquisition of capital improvements for the city water system. In no event may funds withdrawn from this account be used except in accordance with the provisions of section 42-101.

(b)

The city council may, by resolution, provide for the application of some or all of the water facilities impact fee to the payment or security for the payment of revenue bonds issued, in whole or in part, for the purpose set out in subsection (a) of this section, provided that the amount of water facilities impact fee applied to the payment of such bonds shall not exceed the amount of bond proceeds actually expended for such purpose with interest at the average rate borne by the bonds. Such application or pledge may be made directly in the proceedings authorizing such bonds or in an agreement with an insurer of bonds to ensure such insurer of additional security therefor.

(Ord. No. 97-09, § 10, 12-9-1997)