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t <br /> 8 <br /> Where there is an interlocal agreement in effect for collection of the public school impact fees by <br /> a municipality, the municipality shall remit the fees to Orange County as provided in the agreement, <br /> including a report of the amount of funds collected and the benefit area from which the fees were collected. <br /> Upon receipt, the County shall deposit the fees in the appropriate trust fund. <br /> C. LIMITATION ON EXPENDITURE OF FUNDS <br /> Funds withdrawn from public school impact fee trust accounts shall be used solely in accordance <br /> with the following provisions: <br /> 1. Funds shall be used for capital costs associated with the construction of new public school <br /> space, including new buildings or additions to existing buildings where the expansion is <br /> related to new residential growth. Such capital costs include actual building construction; <br /> design, engineering, and/or legal fees; land acquisition and site development; equipment <br /> and furnishings; infrastructure improvements; and/or debt service payments and <br /> payments under leases through which to finance such costs. <br /> Comment: The above provision has been revised to reflect changes to the enabling <br /> legislation made through Senate Bill 1679, Chapter 642. <br /> 2. Funds shall be used exclusively for capital improvements within the benefit area from <br /> 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€we-(6)ten(10)years,the time <br /> frame coinciding with the public school facilities capital improvements program (CIP) <br /> school impact fee period. <br /> Comment The resolution adopted by the Board of Commissioners on May 27, 1993 <br /> expressed the Board's intent to establish a system ofimpact fees, including expenditure of <br /> such fees within a 10-year period.In the absence of a 10-year Capital Improvements Plan <br /> (CIP), the expenditure period was revised to five years to coincide with the current CIP. <br /> Both school boards have prepared and adopted 10-year capital improvement programs, <br /> making it possible to provide for a 10-year expenditure period. <br /> The disbursal of public school impact fee funds shall require the approval of the Board of County <br /> 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 expenditure shall <br /> be invested as allowed in N.C. General Statute 159-30 for other public monies. All income derived shall <br /> be deposited in the applicable trust fund <br /> E. REEKBURSEMENT OF FEES <br /> Any funds not expended within the time frame established in Section 5.C.5. shall be returned to <br /> Impact Fee Ordinance 4 <br />