§ 28-85. Capital improvements funds.

Latest version.

All funds collected pursuant to this article shall be deposited into a non-lapsing capital improvement fund for the district from which the funds are collected and such funds are hereby created. All funds deposited in the non-lapsing capital improvement fund shall be used exclusively for the acquisition and development of park land and other recreational facilities and for the retirement of related debt service, as required as a result of residential development. Such fund shall be applied only for acquisition and development of park land and other recreational facilities and retirement of related debt service for land and facilities located in the district from which the funds were collected.

(Code 1963, § 25A-4; Ord. No. 1096, § 1, 10-30-79; Ord. No. 1334, § 2, 1-22-85; Ord. No. 1446, § 1, 8-26-86; Ord. No. 1903, § 2, 10-22-96)

                    
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