§ 42-101. Use of funds.

(a)

Funds collected from water facility impact fees shall be used solely for the purpose of acquiring, equipping, and/or making capital improvements to water facilities under the jurisdiction of the city and shall not be used for maintenance or operations.

(b)

Funds from the water facilities impact fee trust fund may only be used for water facilities purposes.

(c)

If bonds or similar debt instruments are issued for advanced provision of capital facilities for which water facilities impact fees may be expended, impact fees may be used to pay debt service on such bonds or similar debt instruments to the extent that the facilities provided and of the type described in subsection (a).

(d)

At least once each fiscal period but concurrently with the annual state of the city message addressed in section 3.2 of the City Charter, the mayor may present to the city council a proposed capital improvement program for water facilities, assigning funds, including any accrued interest, from the water facilities impact fee fund to specific water facilities improvement projects and related expenses. Monies, including any accrued interest, not assigned in any fiscal period shall be retained in the same water facilities impact fee fund until the next fiscal period.

(Ord. No. 97-09, § 11, 12-9-1997; Ord. No. 2006-14, § 2, 4-11-2006)