The I-182 Corridor Impact Fund is hereby created into which traffic impact fees shall be deposited as a special interest bearing account. All interest shall be retained in the account and expended for the purpose or purposes for which the traffic impact fees were imposed. Annually, a report showing the source and amount of all moneys collected, earned or received to the account, and system improvements that were financed in whole or in part by the impact fees shall be prepared and presented to the City Council.
Traffic impact fees for transportation system improvements shall be expended only in conformance with the capital facilities plan element and adopted subarea plans of the City of Pasco Comprehensive Plan.
Traffic impact fees shall be expended or encumbered for permissible use within six years of receipt, unless there exists an extraordinary or compelling reason for fees to be held longer than six years. Such extraordinary or compelling reasons shall be identified in written findings by the City Council.