A. The city shall establish a separate TIF fund for the fees collected pursuant to this chapter which shall be designated as the transportation impact fee fund. Funds withdrawn from the fund must be used in accordance with the provisions of this chapter and applicable state law.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 fund and expended for the purposes for which the TIFs were collected.

B. On an annual basis, the finance director shall provide a report to the council on the transportation impact fee fund 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 TIFs.

C. TIFs shall be expended or encumbered within 10 years of receipt.

D. In order to comply with RCW 82.02.060(2), TIFs for development activity as specified under exemptions BIMC 15.30.070.A.11 and 12 shall be paid for with public funds other than from transportation impact fee funds. (Ord. 2015-07 § 1, 2015)