15.2-2326 - Use of proceeds. - Virginia Statutes

§ 15.2-2326. Use of proceeds.

A separate road improvement account shall be established for the impact feeservice area and all funds collected through impact fees shall be depositedin the interest-bearing account. Interest earned on deposits shall becomefunds of the account. The expenditure of funds from the account shall be onlyfor road improvements benefiting the impact fee service area as set out inthe road improvement plan for the impact fee service area.

(1989, c. 485, § 15.1-498.9; 1992, c. 465; 1997, c. 587; 2007, c. 896.)