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SECTION IX. Trust Funds Established. <br /> A. There is hereby established four trust funds for <br /> transportation improvements corresponding to the four zones as <br /> defined in Section IV.W. <br /> B. Funds may be withdrawn from these accounts for use <br /> solely in accordance with the provisions of Section VIII of this <br /> Ordinance; provided, that the disbursement of such funds shall <br /> require the approval of City Council, after recommendation of the <br /> City Manager. <br /> C. Any funds on deposit not immediately necessary for <br /> expenditure shall be invested in interest bearing sources. All <br /> income derived shall be deposited in the applicable trust fund. <br /> D. Fees collected pursuant to this Ordinance may be <br /> returned to the then-present owner if the fees have not been <br /> encumbered by the end of the calendar quarter immediately <br /> following five ;( 5) years from the date the fees were paid and <br /> expended in eight ( 8 ) years. Refunds shall be made in accordance <br /> with the following procedures. <br /> 1. The present owner must petition City Council for <br /> the refund within one ( 1) year following the end of the eighth <br /> year from the date on which the fee was paid. <br /> 2 . The petition must be submitted to the City Manager, <br /> or his designee, and must contain: <br /> a. a notarized sworn statement that the <br /> petitioner is the current owner of the property; <br /> b. a copy of the dated receipt issued for payment <br /> of the fee, or other evidence of payment acceptable to the City <br /> Manager or his designee; <br /> c. a certified copy of the latest recorded deed; <br /> d. a copy of the most recent ad valorem tax bill. <br /> ' 3 . Within three ( 3 ) months from the date of receipt of <br /> a petition for refund the City Manager, or his designee, will <br /> advise the petitioner and City Council of the status of the fee <br /> requested for refund. For the purposes of this section, fees <br /> collected shall be deemed to be spent on the basis of the first <br /> fee in shall beithe first fee out. In other words, the first <br /> money placed inIthe trust fund account shall be the first money <br /> taken out of that account when withdrawals have been made in <br /> accordance with subparagraph B above. <br /> 4. When the money requested is still in the trust fund <br /> account and hasjnot been spent (encumbered) by the end of the <br /> calendar quarter immediately following eight ( 8 ) years from the <br /> date the fees were paid, the money shall be returned with <br /> interest at the rate of six percent ( 6%) per annum. <br /> E. The fees collected pursuant to this Ordinance may be <br /> returned to the present owner if the land development activity <br /> generating traffic is cancelled due to noncommencement of <br /> construction before the funds have been committed or spent <br /> pursuant to Section VII . Refunds may be made in accordance with <br /> Sections IX. D. .2. and IX. D. 3 . provided the then-present owner <br /> petitions City Council for the refund within six ( 6) months from <br /> the date of issuance of a construction or building permit. <br /> O. R. 1142 PG 0174 <br />