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There is established and created a special fund to be known as the school impact fee fund and to which all school district impact fees shall be deposited. On a monthly basis, and in accordance with the current interlocal agreement between the City and the District, the City shall remit to the District the school impact fees collected in the preceding month. Impact fees received by the District shall be earmarked specifically and retained by the District in appropriate interest-bearing accounts. All school impact funds and interest shall be expended for the purpose as may be permitted by law.

Annually, in accordance with the interlocal agreement, the District shall prepare and submit to the City a report on school impact fees and the school impact fee account showing the source and amount of all moneys collected, earned, and received, and the public improvements that were financed in whole or in part by the school impact fees. [Ord. 4046, 2012; Code 1970 § 3.133.070.]