Any school district receiving funds or land pursuant to this chapter shall maintain a separate account for any fees paid and disposition of land received; and shall file a report with the council on the balance and account at the end of the previous fiscal year and the facilities leased; purchased or constructed during the previous fiscal year. In addition; the report shall specify which attendance areas will continue to be overcrowded when the fall term begins and where conditions of overcrowding will no longer exist. Such report shall be filed by August 1st of each year; and shall be filed more frequently at the request of the council. If the city utilized the fees or land for purposes consistent with this chapter for the benefit of an affected school district, it shall similarly account therefor. (Ord. 1377 NCS §1 (part), 1979.)