7.11.10 Fund Accounting
(A) The Town shall
establish an account for each transportation zone into which the zonal
portion of the development fees
collected within the zone shall be credited. The Town-wide
portion of the fee shall be credited to a separate, Town-wide
account. Interest at the actual rate of return on invested funds of the Town shall
be credited periodically, but not less often than quarterly, in
accordance with the accounting policies of the Town.
(B) Interest earned on the account into
which the development fees
are deposited shall accrue to the account and shall be used for the
purposes specified for such account.
(C) The Town shall
maintain and keep financial records for each account showing the revenues
to the account and the disbursements from the account, in accordance with
normal Town accounting
practices. The records of the account shall be open to public inspection
in the same manner as other financial records of the Town.
Cary, NC Land Development Ordinance On-line VIC Version - This site last
updated 3/4/2008
Note: This is not the official version of the Cary Land Development
Ordinance
