3.46.010   Fund created.

There is created a mitigation reserve fund for the city of Black Diamond which shall be known as Fund 110.

(Ord. 593 § 2, 1996)

3.46.020   Source of funds.

The city shall deposit into this account all moneys received from preannexation agreements to which the city is a party for the purposes as set forth in Section 3.46.030.

(Ord. 593 § 3, 1996)

3.46.030   Expenditure of funds.

The moneys in the mitigation reserve fund shall be used to reimburse the city for costs and fees incurred in processing any annexation of property to the city, preparing the necessary documentation to effectuate an annexation to the city, revising and completing the city's comprehensive plan, preparing development regulations, conducting water and sewer availability studies, preparing and drafting capital facilities plans for various city facilities and paying for the cost of other modifications or expansions of existing city regulations regarding development and zoning. The expenditures referred to herein may be used to reimburse the city for actual consultant fees and costs incurred or to contribute towards the city budget for city staff and expenses.

(Ord. 593 § 4, 1996)