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4. construction of new turn lanes, <br /> 5. construction of new bridges, <br /> 6. construction of new drainage facilities in <br /> conjunction with new roadway construction, <br /> 7. purchase and installation of traffic signalization, <br /> 8. construction of new curbs, medians and shoulders, <br /> 9. relocating utilities to accommodate new roadway <br /> construction. <br /> Funds shall be used for capital improvements or expansion within <br /> the City of Zephyrhills or for projects within Pasco County <br /> traffic impact fee zone 6 that are of direct benefit to the <br /> development from which the funds were collected. Said funds <br /> shall not be used to maintain the existing major road network <br /> system. <br /> SECTION VIII . Trust Funds Established. <br /> A. There is hereby established a trust funds for <br /> transportation improvements. <br /> B. Funds may be withdrawn from this account for use solely <br /> in accordance with the provisions of Section VII of this <br /> Ordinance; provided, that the disbursement of such funds shall <br /> require approval of the 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 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 be the first fee out. In other words, the first <br /> money placed in the 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 has not 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 /> -- ---X59 PG--1s$9- <br /> p.R. l <br />