Fees determined pursuant to Larkspur Municipal Code Sections 17.13.070 and 17.13.090 shall be paid to the Finance Director and shall be deposited into the City trust fund or its successor. Money in the fund, including accrued interest, shall be expended solely for acquisition, development or rehabilitation of park land or improvements related thereto.

Collected fees shall be appropriated by the City for a specific project to serve residents of the subdivision in a budgetary year within five (5) years after the issuance of building permits on one-half of the lots created by the subdivision, whichever occurs later.

If such fees are not so committed, these fees shall be distributed and paid to the then record owners of the subdivision in the same proportion that the size of their lots bears to the total area of all lots in the subdivision.

The Finance Director shall report to the City Council at least annually the income, expenditures and status of the City service trust funds. (Ord. 1030 § 2(11), 2018; Ord. 896 § 3 (part), 1998)