A. Impact fee receipts shall be earmarked specifically and deposited in special interest-bearing accounts. The fees received shall be prudently invested in a manner consistent with the investment policies of the city.
B. There is hereby established a separate impact fee account for the fees collected pursuant to this chapter: the fire protection facilities impact fee account. Funds withdrawn from these accounts must be used in accordance with the provisions of ACC 19.06.110. Interest earned on the fees shall be retained in the account and expended for the purposes for which the impact fees were collected.
C. On an annual basis, the financial director shall provide a report to the council on the fire protection impact fee account showing the source and amount of all moneys collected, earned, or received, and the fire protection system improvements that were financed in whole or in part by impact fees.
D. Impact fees shall be expended or encumbered within six years of receipt, unless the council identifies in written findings an extraordinary and compelling reason or reasons for the delay.