§ 3.40.050. Fees to be deposited in fund

Latest version.

A.

The capital facilities fees collected pursuant to this Code shall be replaced in capital facilities fund, which shall be comprise of five accounts: transportation, cultural and leisure, city services, utilities, and contingency and administration. These funds are to be used for constructing, improving, extending or purchasing designated capital improvements as set forth in the capital facilities fee study report.

B.

The city council shall have the authority to make loans between the capital facilities fee funds to assure adequate cash flow. Interest charged on each loan shall be at the current earned interest rate.

(Ord. No. 331)

                    
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