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 Louisville
 Code of Ordinances
 Title 3. REVENUE AND FINANCE
 Chapter 3.18. DEVELOPMENT IMPACT FEES

  § 3.18.060. Impact fee trust fund.  

Latest version.

  • A.

    Establishment of trust fund and trust accounts.

    1.

    Establishment of trust fund. There is hereby established the impact fee trust fund (hereinafter "trust fund") for the purpose of ensuring impact fees collected pursuant to this chapter are designated for the accommodation of capital facility impacts reasonably attributable to new impact-generating development that paid the fees.

    2.

    Establishment of accounts. The trust fund shall be divided into three (3) Accounts: a library capital facilities account, a transportation capital facilities account, and a parks and trails capital facilities account.

    B.

    Deposit and management of accounts and trust fund.

    1.

    Managed in conformance with CRS § 29-1-801 et seq. The impact fee trust fund and the five accounts shall be maintained as an interest bearing account and shall be managed in conformance with CRS § 29-1-801 et seq.

    2.

    Immediate deposit of fees in appropriate account in trust fund. All impact fees collected by the city pursuant to this chapter shall be promptly deposited into the appropriate account in the trust fund. The library fees shall be deposited into the library capital facilities account. The transportation fees shall be deposited into the transportation capital facilities account. The parks and trails fees shall be deposited into the parks and trails capital facilities account.

    3.

    Interest earned on trust account monies. Any proceeds in the trust fund accounts not immediately necessary for expenditure shall be invested in an interest-bearing account. Interest earned on monies in the accounts shall be considered part of such account, and shall be subject to the same restrictions on use applicable to the impact fees deposited in such account.

    4.

    Income derived retained in trust fund until spent. All income derived from these investments shall be retained in the accounts until spent pursuant to the requirements of this chapter.

    5.

    Expenditure of fees. Monies in each trust account shall be considered to be spent in the order collected, on a first-in/first-out basis.

    6.

    Record of trust fund available for public inspection. A record of the trust fund accounts shall be available for public inspection in the city manager or designee's office, during normal business hours.

(Ord. No. 1506-2006, § 2, 12-19-2006; Ord. No. 1737-2017, §§ 8, 9, 5-16-2017)