(1) The revenues from drainage impact fees collected within the service area and accrued interest on such revenues shall be used to finance project costs of qualifying drainage improvements located within the same service area.

(2) Qualifying drainage improvements are limited to capital improvements with a useful life of ten years or more that are identified in the adopted Capital Facilities Plan for Drainage Impact Fees.

(3) Drainage impact fee revenues may be used only for improvements that expand the capacity of the City’s storm water drainage system to accommodate additional storm water runoff. Drainage impact fee revenues may also be used to pay the principal, interest, and other financing costs of bonds, notes, or other obligations issued by or in behalf of the City to finance qualifying improvements, or to reimburse developers who have constructed qualifying improvements and have a reimbursement agreement with the City.

(4) Monies collected as drainage impact fees shall not be used to pay for any of the following: