(A) The funds collected by reason of the establishment of the Park Excise Tax must be used solely for the purpose of funding parkland and open space acquisition and development pursuant to the Comprehensive Plan or for reimbursement to the city for parkland and open space acquisition and development pursuant to the Comprehensive Plan. The funds collected from single family and duplex residential developments shall be used for the acquisition and improvement of neighborhood parks in the developing residential areas of the city. Funds collected from multifamily, commercial and industrial projects may be used for general park development.

(B) Upon receipt of Park Excise Taxes, the Chief Building Inspector shall transfer such funds to the City Treasurer who shall be responsible for the placement of such funds in segregated, interest bearing accounts designated as the “Park Excise Tax Account - General Parks and Open Space” and “Park Excise Tax Account - Neighborhood Parks.” All funds placed in said accounts and all interest earned therefrom shall be utilized solely and exclusively for parkland and open space acquisition and development pursuant to the Comprehensive Plan. At the discretion of the Governing Body, other revenues as may be legally utilized for such purposes may be deposited to such accounts. The City Treasurer shall establish adequate financial and accounting controls to ensure that Park Excise Tax funds disbursed from such accounts are utilized solely and exclusively for neighborhood parks, other parkland and open space acquisition and development or for reimbursement to the city of advances made from other revenue sources, including the “bond and interest fund,” to fund parkland and open space acquisition and development.

(C) The City Treasurer shall maintain and keep adequate financial records for said account which shall show the source and disbursement of all funds placed in or expended from such accounts.

(D) Interest earned by such accounts shall be credited to the accounts and shall be utilized solely for the purposes specified for funds of the accounts.

(E) Excise Tax funds collected shall not be used to maintain, repair or operate the park system or to operate recreational activities. Excise Tax funds shall only be used to acquire and improve parkland in the City of Olathe.

(F) The city may issue and utilize general obligation bonds, revenue bonds, revenue certificates or other certificates of indebtedness as are within the authority of the City in such manner and subject to such limitations as may be provided by law in furtherance of the financing and provision of parkland and open space as set forth in the Comprehensive Plan. Funds pledged toward the retirement of such bonds or other certificates of indebtedness may include the Park Excise Tax and other city (and non-city) funds and revenues as may be allocated by the Governing Body. Park Excise Taxes paid pursuant to this ordinance, however, shall be used solely and exclusively for parkland and open space acquisition and development as defined herein. (Ord. 96-87 § 1, 1996; Ord. 89-87 § 1, 1989.)