§ 19.05.090. Residential construction tax fund—Creation, account, interest and expenditures.  


Latest version.
  • (a) There is established in the office of the county treasurer a special fund known as the residential construction tax fund.

    (b)

    The residential construction tax fund shall be divided into separate accounts. There shall be one account for each park district.

    (c)

    All taxes collected pursuant to Section 19.05.030 shall be placed in the account within the residential construction tax fund for the park district in which the tax was collected.

    (d)

    All interest derived from money within the residential construction tax fund shall accrue to such fund and to the particular district account within such fund from which such interest was derived.

    (e)

    Residential construction tax fund money shall be used only for the acquisition, capital improvement fund, and expansion of public park, playground, recreational, and cultural facilities in Clark County. Such money, insofar as is practicable and feasible to do so, shall be expended for the benefit of the immediate area within the park district from which it was collected.

    (f)

    If a park or playground has not been developed in the park district created to serve the neighborhood in which the subdivision or development is located within three years after the date on which seventy-five percent of the residential dwelling units authorized within that subdivision or development first became occupied, all money paid by the subdivider or developer, together with interest at the rate at which the county has invested the money in the fund, must be refunded to the owners of the lots in the subdivision or development at the time of the reversion on a pro rata basis.

    (g)

    All revenues collected prior to the adoption of the ordinance codified in this chapter pursuant to the repealed Local Park Code, Title 19, Chapter 19.05 shall be accounted and expended within the park service areas identified by the repealed Local Park Code.

(Ord. 1360 § 1 (part), 1992)