In accordance with IC 36-7-4-1329, there is hereby established the St. John road impact fee fund ("the fund"). The fund shall be a nonreverting fund and shall receive any and all sums collected pursuant to this article to be utilized in connection with the purposes set forth herein. The fund shall consist initially of one (1) account based upon the existence of one (1) impact zone. In the event that an additional impact zone is created hereafter, a separate account shall be maintained for each separate impact zone established within the Town. Interest earned on the fund, or on any account within the fund, shall be deposited and maintained within the fund or the separate account. The Town Clerk-Treasurer shall maintain records of the status of the fund or any account which may be established therein. The Town Clerk-Treasurer shall make an annual report of the fund and account(s) to the Town Council and Plan Commission, which report shall include: (1) the amount of money in said account(s) established for the impact zone; and (2) the total receipts and disbursements of the accounts established for the impact zone. Said annual report shall also be made available to the general public upon request.

Pursuant to IC 36-7-4-1332(e), the Town Clerk-Treasurer is hereby designated as the Town official responsible for accepting, rejecting and paying an impact fee refund and interest. In order to facilitate refunds when same may be due, the Town Clerk-Treasurer is directed and required to identify the purpose of any impact fee paid in order that a refund, if any, may be paid from the fund or account into which the impact fee was originally deposited.