(1) Park and recreation impact fees collected under this chapter shall be deposited into interest-bearing accounts established for each PSA and for county-wide/regional use. Funds deposited into these accounts shall be expended or encumbered within 10 years of receipt, unless there exists an extraordinary and compelling reason, as identified in written findings by the county council, for the funds to be held longer than 10 years.

(2) All impact fees collected under this chapter shall be used to mitigate development impacts through purchase or development of land and/or purchase or improvement of facilities identified in the capital facilities element and the Snohomish County Park and Recreation Element.

(3) Park impact fees may be used to pay debt service on such bonds or similar debt instruments to the extent that the capital facilities provided are consistent with the requirements of this title. (Added by Amended Ord. 04-016, Feb. 23, 2005, Eff date Mar. 11, 2005; Amended by Amended Ord. 12-018, May 2, 2012, Eff date May 21, 2012; Amended by Amended Ord. 16-099, Nov. 14, 2016, Eff date Jan. 1, 2017).