A. The finance director shall establish an interest bearing account into which all in lieu fees collected by the town pursuant to section 9-3-12 of this chapter shall be deposited. Interest earned on the account into which the in lieu fees are deposited shall be considered funds of the account and shall be used solely for eligible parking improvements as authorized in section 9-3-13 of this chapter. In lieu fees, and the interest earned thereon, shall not be commingled with any other funds of the town.

B. The finance director shall establish adequate financial and accounting controls to ensure that the in lieu fees disbursed from the account are utilized solely for eligible parking improvements as authorized in section 9-3-13 of this chapter. Disbursement of funds shall be authorized at such times as are reasonably necessary to carry out the purposes and intent of this chapter; provided, however, that funds shall be expended or committed for expenditure within a reasonable period of time, but not to exceed ten (10) years from the date such fees are deposited into the account.

C. The finance director shall maintain and keep financial records for in lieu fees which shall show the source and disbursement of all in lieu fees collected and expended. The records of the account into which in lieu fees are deposited shall be open for public inspection and copying pursuant to the Colorado open records act, part 2 of article 72 of title 24, Colorado Revised Statutes. (Ord. 9, Series 1996)