19.12.130 Funding of projects.
A. Park and Transportation Funding.
1. An impact fee trust and agency fund is hereby created for parks and transportation fees. The director shall be the manager of the city’s fund. The city shall place park and transportation impact fees in appropriate deposit accounts within the impact fee fund.
2. The parks and transportation impact fees paid to the city shall be held and disbursed as follows:
a. The fees collected for each project shall be placed in a deposit account within the impact fee fund;
b. When the council appropriates capital improvement project (CIP) funds for a park or transportation project on the project list, the park or transportation fees held in the impact fee fund shall be transferred to the CIP fund. The non-impact fee moneys appropriated for the project shall comprise both the public share of the project cost and an advancement of that portion of the private share that has not yet been collected in park or transportation impact fees;
c. The first money spent by the director on a project after a council appropriation shall be deemed to be the fees from the impact fee fund;
d. Fees collected after a project has been fully funded by means of one or more council appropriations shall constitute reimbursement to the city of the funds advanced for the private share of the project. The public moneys made available by such reimbursement shall be used to pay the public share of other projects;
e. All interest earned on impact fees paid shall be retained in the account and expended for the purpose or purposes for which the impact fees were imposed.
3. Projects shall be funded by a balance between impact fees and public funds, and shall not be funded solely by impact fees.
4. Impact fees shall be expended or encumbered for a permissible use for 10 years after receipt, unless there exists an extraordinary or compelling reason for fees to be held longer than 10 years. The director may recommend to the council that the city hold park or transportation fees beyond 10 years in cases where extraordinary or compelling reasons exist. Such reasons shall be identified in written findings by the council.
B. School District Funding.
1. The school impact fees paid to the city shall be receipted by the city and transmitted to the school district on a monthly basis.
2. In accordance with Chapter 82.02 RCW, the school district shall be responsible for establishing and maintaining school impact fee accounts, expending school impact fees, and the refund of any such fees.
C. The school district and the director shall prepare an annual report on the impact fee accounts showing the source and amount of all moneys collected, earned or received and projects that were financed in whole or in part by impact fees. (Ord. 1309 § 5, 2015).