a. Fees subject to this article shall be deposited, invested, accounted for and expended pursuant to California Government Code Section 66006. The fees shall be held in separate public facility funds to be expended for the purpose for which they were collected. Any interest income earned by moneys in the capital facilities fund shall also be deposited in that fund and shall be expended only for the purpose for which the fee was originally collected.
b. For the fifth fiscal year following the first deposit into the account or fund, and every five (5) years thereafter, the City Council shall make findings with respect to that portion of the account or fund remaining unexpended, pursuant to California Government Code Section 66001.
c. When sufficient funds have been collected to complete financing on incomplete public improvements and the public improvements remain incomplete, the City shall identify, within one hundred eighty (180) days of the determination that sufficient funds have been collected, an approximate date by which the construction of the public improvements will be commenced, or shall refund the unexpended portion of the fee and any interest accrued thereon, to the then-current owner(s) of lots or units of the development project(s) on a prorated basis. The City may refund these fees by direct payment or by offsetting other obligations owed to the City by the then-current record owner(s) of the development project(s). (Ord. #247-2020, S2 (Exh. A))