§ 17.32.120. Use of money received.

A.

The funds collected pursuant to this chapter, and interest accrued thereon, shall be used only for the purpose of acquiring, developing or rehabilitating park land or park recreational facilities and improvements reasonably related to serving the subdivision from which such fees are collected.

B.

The city shall assign funds to the general geographical area in which the subject subdivision is located. The city council may, by resolution, formally designate a number of geographical areas within the city for which such funds shall be assigned.

C.

Funds shall be spent in the manner provided in this section within five years following the end of the fiscal year in which they were collected. If such fees are not so spent within the time specified, they shall be refunded, along with accrued interest, less an administrative charge, shall be distributed and paid to the then-record owners of the lots within the subdivision in the same proportion that the size of each lot bears to the total area of all lots within the subdivision.

D.

The park lands acquired may, at the option of the city council, and with the acceptance of the governing body of the Weed recreation and park district or any successor public agency responsible for providing park and recreational services, be leased or conveyed in fee to the district on such terms and conditions as the city and the district may agree.

E.

The city, or if applicable, the park district, shall develop a schedule specifying how, when and where it will use the land or fees, or both, to develop park or recreational facilities to serve the residents of the subdivision.

F.

The city administrator, or chief financial officer of the city shall report to the city council not less than annually as to the in-lieu fees on deposit, the income received since the last report and the identity, if any, of the geographical area of the city to which the sums have been designated.

(Ord. 304-93 §1(part), 1993).