All moneys collected under the provisions of this chapter shall be deposited by the Director of Finance of the City into a public improvement reimbursement trust fund or a Subdivision Map Act reimbursement trust fund. The Director of Finance shall refund to the person or persons who paid for the improvements for which the charges were collected, or to their assignees, all moneys so collected; except, however, that one percent per year of all such moneys collected shall be retained by the City to defray the expenses incurred in administering the trust fund.

The City shall notify the developer or subdivider of the existence of moneys deposited in said fund. The notice shall be made to the address contained in the reimbursement agreement and no further inquiries shall be required by the City. If any such money remains on deposit with the City without being claimed by the party rightfully entitled to it within one year after notice has been made as provided herein, such money shall be forfeited to the City, and then it shall be transferred to the general fund of the City. (Ord. 1764 § 1, 1977).