Any school district receiving funds, land or facilities pursuant to this article 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 October 15 of each year, and shall be filed more frequently at the request of the council. The council may grant an extension of thirty days for the filing of the report in case of extenuating circumstances as determined by the council. During the time the report has not been filed as required herein, there shall be a waiver of any performance of the payment of fees or the dedication of land. (Ord. No. 1954 (NCS), § 1.)