A. An impact fee account is established for the fees collected pursuant to this chapter and shall be entitled the “Fire Impact Fee Account.” Impact fees shall be earmarked specifically and deposited in the special interest-bearing account. Funds withdrawn from this account shall be used in accordance with the provisions of Section 21.03.120. Interest earned on impact fees shall be retained in the account and expended for the purpose for which the impact fees were collected.

B. On an annual basis, the Finance Director shall provide a report to the Council on the account showing the source and amount of all moneys collected, earned, or received, and system improvements that were financed in whole or in part by impact fees.

C. Impact fees shall be expended or encumbered within ten (10) years of receipt, unless the Council identifies in written findings an extraordinary and compelling reason or reasons for the City to hold the fees beyond the ten (10) year period pursuant to RCW 82.02.070(3). Under such circumstances, the Council shall establish the period of time within which the impact fees shall be expended or encumbered. (Ord. 3037, 10/24/23)