§ 13.03.00. Project account.

(a)

For each application for which the town manager determines that a review deposit must be paid, the town shall establish an account on the town's books, separate and apart from all other funds and accounts of the town, and shall deposit into the account all the funds received from payment of the review deposit. The funds in the account shall be expended only to pay the out-of-pocket costs, or to reimburse the town for its payment of the out-of-pocket costs, incurred by the town directly in connection with the application, including the costs of town consultant fees, legal advertising, surveying, appraisals and other related costs.

(b)

All moneys in the account shall remain in the account and shall not be commingled with the funds in other accounts of the town, except that the funds may be invested by the town in the same types of instruments allowed for the investment of the town's several reserve funds and accounts. All investment earnings on funds in the account shall be deposited in the account and remain with the principal on which they were earned.

(c)

If the funds in the account fall below the level at which the town manager reasonably believes is sufficient to pay the costs of processing the application, the town manager may notify the applicant and demand a supplemental deposit in an amount reasonably calculated to cover expected future costs in connection with the application. The town manager may halt further processing of the application until the supplemental deposit is paid. All funds from the supplemental deposit shall be deposited into the same account and used only to pay the same costs.

(d)

The project account will be maintained throughout the entire review, processing, inspection and regulation process until the later of:

(1)

Final action (after all appeal periods have run) by the town council has occurred with respect to the application;

(2)

No further significant involvement of the town staff or town consultants is expected to occur;

(3)

The town has been paid all of the amounts due under this section and this Land Development Code and the Code of Ordinances; or

(4)

The expiration of any warranty period associated with the conveyance or dedication of improvements to the town.

(e)

Upon completion of the review, processing, inspection and regulation process and the payment of all costs incurred by the town in connection with the application, all funds remaining in the account shall be repaid to the applicant.

(Ord. No. 2006-18, § 1(13.03.00), 12-12-2006; Ord. No. 2011-03, § 1(13.03.00), 7-12-2011)