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(a) Interest Bearing Account. The city finance department shall establish an account to which <br />interest is allocated for each category of capital improvement for which an impact fee is imposed <br />under this division. Each impact fee collected for that category shall be deposited in that account. <br />(b) Use of Interest. Interest earned on an impact fee account is considered funds of the account <br />and shall be used solely for the purposes authorized in section 86.302. <br />(c) Disbursement of Funds. The finance department shall establish adequate financial and <br />accounting controls to ensure that impact fees disbursed from the account are utilized solely for <br />the purposes authorized in section 86.302. Disbursement of funds shall be authorized by the city <br />at such times as are reasonably necessary to carry out the purposes and intent of this division; <br />provided, however, that any fee paid shall be expended within a reasonable period of time, but <br />not to exceed ten years from the date the fee is deposited into the account. <br />(d) Records. The finance department shall maintain and keep financial records for impact fees, <br />which shall show the source and disbursement of all fees collected in or expended from each <br />account. The records of the accounts into which impact fees are deposited shall be open for <br />public inspection and copying during ordinary business hours. <br />(e) The finance department shall maintain and keep financial records for these accounts which <br />shall show the source and disbursement of all funds placed in or expended from the accounts. <br />Sec. 86.302. - Use of proceeds of impact fee accounts. <br />(a) The impact fees collected under this division may be used to finance or to recoup the costs of <br />any capital improvements or facility expansion identified in the capital improvements plan for <br />the applicable category of capital improvements, including but not limited to the construction <br />contract price, surveying and engineering costs, and land acquisition. costs (including purchase <br />price, court awards and costs, attorney's fees, and expert witness fees). Impact fees may also be <br />used to pay the principal sum and interest and other finance costs on bonds, notes or other <br />obligations issued by or on behalf of the city to finance capital improvements or facility <br />expansions. Impact fees also may be used to pay fees paid to an independent qualified engineer <br />or financial consultant for preparing or updating the capital improvements plan. <br />(b) Impact fees collected under this division shall not be used to pay for any of the following <br />expenses: <br />(1) Construction, acquisition or expansion of capital improvements or assets other than those <br />identified in the capital improvements plan for the applicable category of capital <br />improvements; <br />(2) Repair, operation, or maintenance of existing or new capital improvements or facility <br />expansions; <br />(3) Upgrade, expansion or replacement of existing capital improvements to serve existing <br />development in order to meet stricter safety, efficiency, environmental or regulatory <br />standards; <br />11 <br />