Sec. 17-209. - Distribution of impact fee funds.

All monies and interest earnings in each of the impact fee reserve accounts shall be expended on the construction and related design and administration costs of constructing public facility improvements and purchasing land and equipment identified in the Nexus Study. Such expenditures may include, but are not necessarily limited to the following:

(1)

All direct and indirect costs incurred by the city to construct facility improvements pursuant to this article, including, but not limited to, the cost of land and right-of-way acquisition, planning, legal advice, engineering, design, construction, construction management, materials and equipment.

(2)

Costs of issuance or debt service associated with bonds, notes or other security instruments issued to fund facility improvements identified.

(3)

Administrative costs incurred by the city in establishing or maintaining the impact fee reserve accounts required by this article, including but not limited to the cost of studies to establish the requisite nexus between the fee amount and the use of fee proceeds and yearly accounting and reports.

(Ord. No. 2286, § 3(Exh. A), 12-1-15)