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TOWN OF TRUCKEE <br /> California <br /> <br /> RESOLUTION NO. 2003-51 <br /> <br />A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF TRUCKEE <br /> <br /> WHEREAS, California government code section 66001, article 4 requires <br />specific findings be made in order to retain development impact fees which have <br />been on deposit in a municipality in excess of five years and; <br /> <br /> WHEREAS, At the conclusion of the 2002/2003 fiscal year the AB 1600 ( <br />traffic impact) fee contained $1,221,997 in funds which had been deposited in the <br />fund in excess of five years pdor to the end of the fiscal year and; <br /> <br /> WHEREAS, The source of the $1,221,997 deposited but unspent in the <br />AB 1600 (traffic impact) fee program fund in excess of five years pdor to the end <br />of the 2002/2003 fiscal year was $289,424 in interest which was earned on the <br />fund balance in the 1997/1998 fiscal year, $427,781 in fees which were <br />deposited in the fund in the 1997/1998 fiscal year, $255,570 in interest which <br />was earned on the fund balance in the 1996/97 fiscal year, and $255,570 in fees <br />which were deposited in the fund during the 1996/97 fiscal year. <br /> <br /> NOW THEREFORE BE IT RESOLVED BY THE TOWN COUNCIL OF <br />THE TOWN OF TRUCKEE that the council hereby make the following findings; <br /> <br />1. Funds which were deposited in the Town of Truckee AB 1600 (traffic impact) <br /> fee program fund in excess of five years prior to the end of the 2002/2003 <br /> fiscal year are intended for expenditure on future elements of the SR 89 <br /> South/I-80 Roundabouts Project, and the Third Tahoe Donner Connector <br /> project which are included in the Town of Truckee traffic impact fee program <br /> capital improvement project list. <br /> <br />2. The funds which are on deposit in the AB1600 (traffic impact) fee program <br /> fund, which were collected in excess of 5 years prior to the end of the <br /> 2002/2003 fiscal year, or are on deposit in excess of the prescribed five year <br /> limit established by government code section 66001, article 4 for the following <br /> reasons: <br /> <br /> a, Implementation of certain projects in the current and previous AB 1600 <br /> (traffic impact) fee program capital improvement project list is dictated by <br /> schedules of other agencies which preclude expenditure of these funds <br /> within the prescribed five year time frame. <br /> <br /> b. Interest which is earned on AB 1600 (traffic impact) fee fund balances will <br /> be used to offset increases in construction cost inflation. <br /> <br /> <br />