A. There is hereby established the transportation impact fee fund as a repository for the transportation impact fees collected pursuant to this chapter. Interest earned on the fees shall be allocated to the transportation impact fee fund and expended in furtherance of the purposes for which the impact fees were collected.

B. The city finance department, in conjunction with the director, shall prepare an annual report to the city council showing the source and amount of all monies collected, earned, or received and the fund balance, and the system improvements which were financed in whole or in part by impact fees. The report may be part of an existing annual report or may be a separate report. (Ord. 005/2019 § 9)