§ 27-136. Establishment of accounts and records.

(a)

The city shall establish a separate interest-bearing account in a bank authorized to receive deposits of city funds.

(b)

Interest earned by the account shall be credited to that account and shall be used solely for the purposes specified for funds authorized in section 27-137.

(c)

The city shall establish adequate financial and accounting controls to ensure that capital recovery fees disbursed from the account are utilized solely for the purposes authorized in section 27-137. Disbursement of funds shall be authorized by the city at such times as are reasonably necessary to carry out the purposes and intent of this article; provided, however, that any fee paid shall be expended within a reasonable period of time, but not to exceed ten (10) years from the date the fee is deposited into the account.

(d)

The city shall maintain and keep adequate financial records for such account, which shall show the category of capital improvements or facility expansions within the service area for which the capital recovery fee was adopted, the source and disbursement of all revenues, which shall account for all monies received, and which shall ensure that the disbursement of funds from the account shall be used solely and exclusively for the provision of uses specified in the capital improvements plan as system-related capital projects. The city finance department shall also maintain such records as are necessary to ensure that refunds are appropriately made under the provision in section 27-139 of this article and such other information as may be necessary for the proper implementation of this article.

(Ord. No. 90-10, § 1(1.16), 8-28-1990; Ord. No. 2018-13, § 2(Exh. 3), 4-17-2018)