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development approval: Approval of this project is conditioned upon payment to the Town of all applicable impact fees, as provided in the Municipal Code. c. Impact fees shall be collected by the Building Department at the time, and as a condition of issuance of a building permit. d. The schedule of fees shall be those amounts established of resolution of the City Council, adopted on August 19, 2004 and shall remain in effect until June 30, 2005. Effective June 30, 2005, and each succeeding June 30tt`, the schedule of fees may be adjusted in accordance with the following: 1. On January 0 of each year beginning 2005, the Town Engineer shall review the current National Engineering News Record - Construction Cost Index (ENR — CCI Index) for San Francisco, California. When such ENR- CCI differs from the ENR- CCI Index of the preceding January 1St, the factor of increase or decrease shall be applied to the schedule of fees effective June 30 of that same year . 2. Such factor shall be computed by dividing the ENR - CCI Index for the current January 0 by that pertaining to the previous January 1St. The impact fee shall be multiplied by such factor to determine the adjusted schedule of fees. 3-3.509 Impact Fee Accounts a. The Town shall establish a separate impact fee account for the Roadway Impact Fee Fund. The funds of the account shall not be commingled with other funds of the Town. Any account previously established for the deposit of funds that would have been roadway impact fees under this article shall be deemed an impact fee account for the purposes of this article. b. Each impact'fee account shall be interest-bearing and the accumulated interest shall become a part of the account. c. The funds of each account shall be expended exclusively for street maintenance and repair as such term is defined in Section 3-3.506 for which the impact fees were collected. 3-3.510 Use of Impact Fee Proceeds Impact fees shall be expended only for the type of street maintenance and repair for which they were imposed, calculated, and collected and according to the time limits and procedures established in this article. Impact fees may be used to pay the principal, interest and other costs of bonds, notes and other obligations issued or undertaken by or on behalf of the Town to finance such improvements.