§ 52-38. Use of funds.

(a)

Funds collected from the transportation impact fees shall be used solely for the purpose of city owned capital improvements to and expansion of the transportation network. Such improvements shall be of the type as are made necessary by the new development.

(b)

No funds shall be used for periodic or routine maintenance as defined in F.S. § 334.03(13) and (18); however, the city may retain a maximum of two percent of the funds collected from transportation impact fees on an annual basis to offset the city's reasonable administrative costs associated with the collection and administration of said fund. The amount of the city's reasonable administrative costs in connection with the collection and administration of these funds shall be documented as part of the city's annual budget process. Any funds retained by the city to offset the city's reasonable administrative costs in connection with the collection and administration of said funds shall be placed in a separate city account which account shall be used solely for administrative expenses incurred by the city in the collection and administration of funds collected from transportation impact fees.

(c)

Funds shall be used for capital improvements or expansion within the city. Funds shall be expended in the order in which they are collected.

(d)

The city manager shall, on an annual basis, establish a prioritized list of capital improvements. In compiling this list, the city manager shall utilize all available traffic and transportation-related data including, but not limited to, the following:

(1)

Traffic studies and/or development orders related to specific developments;

(2)

A list and schedule of any county, state or private projects that would change, modify or increase substantially the current traffic or transportation loadings on existing facilities.

The five-year transportation capital improvements program (CIP) will be developed from the above-described list. The CIP will identify the specific projects upon which impact fees may be spent to mitigate the impacts associated with new development. Each fiscal year the city manager shall present to the city commission a proposed capital improvement program for transportation, assigning funds, including any accrued interest, from the transportation impact fee trust fund to specific transportation improvement projects and related expenses. Transportation impact fee funds shall be used when sufficient funds are accumulated within the city to initiate an improvement, identified in the CIP, made necessary by new growth. Monies, including any accrued interest, not assigned in any fiscal year shall be retained in the transportation impact fee trust fund, except as provided by the refund provisions of this article.

(Ord. No. 126-06, § 1, 11-28-2006)