(1) A local political subdivision may expend impact fees only for a system improvement:

1. (a) identified in the impact fee facilities plan; and
2. (b) for the specific public facility type for which the fee was collected.

(2)

1. (a) Except as provided in Subsection (2)(b), a local political subdivision shall expend or encumber the impact fees for a permissible use within six years of their receipt.

2. (b) A local political subdivision may hold the fees for longer than six years if it identifies, in writing:

   1. (i) an extraordinary and compelling reason why the fees should be held longer than six years; and
   2. (ii) an absolute date by which the fees will be expended.