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 Palm Coast
 Code of Ordinances
 Chapter 29. IMPACT FEES
 Article IV. FIRE AND RESCUE SYSTEM IMPACT FEE

  § 29-104. Use of proceeds.  

Latest version.

  • (a)

    The City Council hereby establishes a separate trust account for the fire and rescue system impact fees, to be designated as the "fire and rescue system impact fee trust account" which shall be maintained separate and apart from all other accounts of the City. All such impact fees shall be deposited into such trust fund immediately upon receipt.

    (b)

    The monies deposited into the fire and rescue system impact fee trust account shall be used solely for the purpose of improving the City fire and rescue system, including, but not limited to the following:

    (1)

    Capital improvements;

    (2)

    Repayment of monies transferred or borrowed from any budgetary fund of the City, subsequent to the adoption of this article, which were used to fund any capital improvement; and

    (3)

    Payment of principal and interest, necessary reserves and costs of issuance under any bonds or other indebtedness issued by the City to provide funds to acquire contemplated capital improvements, subsequent to the adoption of this article.

    (c)

    Any funds on deposit which are not immediately necessary for expenditure shall be invested by the City. All income derived from such investments shall be deposited in the fire and rescue system impact fee trust account and used as provided herein.

    (d)

    The fire and rescue system impact fee collected pursuant to this article may be returned by the City to the then current owner of the property on behalf of which such fee was paid if such fees have not been expended or encumbered prior to the end of the fiscal year immediately following the seventh anniversary of the date upon which such fees were paid. Refunds shall be made with interest paid at the rate of six (6) percent per annum or the average net interest rate earned by the City in the fire and rescue system impact fee trust account during the time such refunded impact fee was on deposit, whichever is less. For the purposes of this section, fees collected shall be deemed to be spent or encumbered on the basis of the first fee in (collected) shall be the first fee out (expended).

(Ord. No. 2002-33, § 6, 11-19-02)