§ 27-137. Use of proceeds of capital recovery fee accounts.

(a)

The capital recovery fees collected pursuant to this article may be used to finance or to recoup capital construction costs of service. Capital recovery fees may also be used to pay the principal sum and interest and other finance costs on bonds, notes or other obligations issued by or on behalf of the city to finance such capital improvements or facilities expansions identified in the capital improvements plan.

(b)

Capital recovery fees collected pursuant to this article shall not be used to pay for any of the following expenses:

(1)

Construction, acquisition or expansion of public facilities or assets other than capital improvements or facility expansions identified in the capital improvements plan;

(2)

Repair, operation or maintenance of existing or new capital improvements or facility expansions;

(3)

Upgrading, expanding or replacing existing capital improvements to serve existing development in order to meet stricter safety, efficiency, environmental or regulatory standards;

(4)

Upgrading, expanding or replacing existing capital improvements to provide better service to existing development; provided, however, that capital recovery fees may be used to pay the costs of expanding existing capital improvements in order to meet the need for new capital improvements generated by new development; or

(5)

Administrative and operating costs of the city.

(Ord. No. 90-10, § 1(1.17), 8-28-1990; Ord. No. 2018-13, § 2(Exh. 3), 4-17-2018)