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6 <br /> 2. Funds shall be used exclusively for capital improvements within the benefit area <br /> from which the funds were collected. <br /> 3. Funds may be used for providing reimbursements as permitted in Section 5.E. <br /> 4. No funds shall be used for public school operating expenses, periodic or routine <br /> maintenance,or the administration of this public school impact fee program. <br /> 5. Following their collection, funds shall be expended within ten (10) years, the time <br /> frame coinciding with the public school facilities capital improvements program <br /> (CIP)school impact fee period. <br /> The disbursal of public school impact fee funds shall require the approval of the Board of <br /> County Commissioners upon recommendation of the County Manager. <br /> D. INTEREST ON FEES <br /> Any public school impact fee funds on deposit and not immediately necessary for <br /> expenditure shall be invested as allowed in N.C. General Statute 159-30 for other public moneys. <br /> All income derived shall be deposited in the applicable trust fund. <br /> E.5 REIMBURSEMENT OF FEES <br /> Any funds not expended within the time frame established in Section 5.C.5. shall be <br /> returned to the feepayer,or the land owner if the address of the feepayer provided to Orange County <br /> is not current, with interest at a rate not to exceed that being paid on public school impact fees <br /> deposited in accordance with Section 5.1). <br /> If the Schedule of Public School Impact Fees as contained in Section 3 is reduced, the <br /> difference between the old and new fees shall be returned to the feepayer, or the land owner if the <br /> address of the feepayer provided to Orange County is not current, with interest at a rate not to <br /> exceed that being paid on public school impact fees deposited'in accordance with Section 5.D. If <br /> the Schedule of Public School Impact Fees as contained in Section 3 is increased,no additional fees <br /> shall be collected from new construction for which certificates of occupancy have been issued. <br /> Where an impact fee has been collected erroneously, or where an impact fee has been paid, <br /> and the feepayer subsequently files for and is granted an exception as permitted in Section 4, the fee <br /> shall be returned to the feepayer. <br /> s Amended April 3,1995. <br /> Impact Fee Ordinance g <br />