A. PIF receipts shall be earmarked specifically and deposited in a special interest-bearing account.

B. The city shall establish a separate PIF account for the fees collected pursuant to this chapter which shall be designated as the park impact fee account. Funds withdrawn from the account must be used in accordance with the provisions of this chapter and applicable state law. Interest earned on the fees shall be retained in the account and expended for the purposes for which the PIFs were collected.

C. On an annual basis, the finance director shall provide a report to the council on the PIF account showing the source and amount of all moneys collected, earned, or received, and the public improvements that were financed in whole or in part by PIFs.

D. PIFs shall be expended or encumbered within 10 years of receipt.

E. In order to comply with RCW 82.02.060(2), PIFs for development activity as specified under exemptions LMC 3.107.080(A)(9) and (B) shall be paid for with public funds other than from PIF accounts. (Ord. 3288 § 3, 2018)