§ 114-105. Accounting.

(a)

All impact fees collected within the city and its extraterritorial jurisdiction shall be deposited in a dedicated fund to which interest is allocated. All such amounts, together with all interest earned thereon, shall be used solely for the purposes set forth in subsection (b).

(b)

The impact fess collected pursuant to this article shall be used in conformance with the requirements of Chapter 395 of V.T.C.A. Local Government Code.

(c)

Disbursement of funds shall be made at such times as are reasonably necessary to carry out the purposes intended by this article; provided, however, that funds shall be expended within a reasonable period of time, but not to exceed ten years from the date of payment.

(d)

An owner of property for which an impact fee has been paid is entitled to a refund for all or a portion of the fee in the following circumstances:

(1)

Upon application, any impact fee or portion thereof collected pursuant to this article, that has not been expended within the service area within ten years from the date of payment, shall be refunded to the record owner of the property for which the impact fee was paid together with interest pursuant to Section 395.025 of V.T.C.A. Local Government Code. However, if the impact fee was paid by another political subdivision or governmental entity, payment shall be made to the political subdivision or governmental entity. An impact fee shall be considered expended on a first-in, first-out basis. An impact fee shall also be considered expended if the total expenditure for facilities and improvements included in the capital improvements plan, as may be amended from time to time, within the service area within ten years following the date of payment, exceeds the impact fees collected within the service area during such period.

(2)

If a refund is due pursuant to subsection (1), the city shall divide the difference between the amount of expenditures and the amount of the fees collected by the total number of service units for which impact fees have been paid within the service area for the period to determine the refund due per service unit. The refund to the owner shall be calculated by:

a.

Multiplying the refund due per service unit by the number of service units of the development for which the fee was paid; and

b.

Determining interest due based on the amount calculated under subsection a. above.

(e)

The city shall establish adequate financial and accounting controls to ensure that impact fees disbursed from the fund are utilized solely for the purposes authorized. The city shall maintain and keep financial records for impact fees, that shall show the source and disbursement of all fees collected in or expended.

(Ord. No. 9854, § 4, 8-26-04)