Bonding of capital improvement projects

The city may issue bonds, revenue certificates and other obligations of indebtedness in such manner and subject to such limitations as may be provided by law, in furtherance of the provision of impact fee funded projects. Funds pledged toward retirement of bonds, revenue certificates or other obligations of indebtedness for such projects may include impact fees and other city revenues as may be allocated by the city commission. Impact fees paid pursuant to this article, however, shall be restricted to use solely and exclusively for financing, directly, or as a pledge against bonds, revenue certificates and other obligations of indebtedness for, the cost of system improvements.

(Ord. No. 12750, § 2, 12-15-05)