A. There is hereby established a separate transportation impact account for the fees collected pursuant to this chapter. Impact fee receipts shall be earmarked specifically and deposited in this account. The fees received shall be prudently invested in a manner consistent with the investment policies of the city. Funds withdrawn from this account must be used in accordance with ACC 19.04.110. Interest earned on the fees shall be retained in the account and expended for the purposes for which the impact fees were collected.

B. The financial director shall provide an annual report to the council on the transportation impact account showing the source and amount of all moneys collected, earned, or received, and the transportation improvements that were financed in whole or in part by impact fees.

C. Impact fees shall be expended or encumbered within 10 years of receipt, unless the council identifies in written findings extraordinary and compelling reason or reasons for the delay. (Ord. 6792 § 1 (Exh. A), 2020; Ord. 6341 § 3, 2011; Ord. 5763 § 1, 2003; Ord. 5604 § 1, 2001; Ord. 5506 § 1, 2001.)