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7 <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 ten (10)years, the time frame <br /> coinciding with the public school facilities capital improvements program (CIP) school <br /> impact fee 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.` REIMBURSEMENT OF FEES <br /> Any funds not expended within the time frame established in Section 5.C.5. shall be returned to <br /> the feepayer, or the land owner if the address of the feepayer provided to Orange County is not current, <br /> with interest at a rate not to exceed that being paid on public school impact fees deposited in accordance <br /> with Section 5.D. <br /> If the Schedule of Public School Impact Fees as contained in Section 3 is reduced, the difference <br /> between the old and new fees shall be returned to the feepayer, or the land owner if the address of the <br /> feepayer provided to Orange County is not current, with interest at a rate not to exceed that being paid <br /> on public school impact fees deposited in accordance with Section 5.D. If the Schedule of Public School <br /> Impact Fees as contained in Section 3 is increased, no additional fees shall be collected from new <br /> 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, and <br /> the feepayer subsequently files for and is granted an exception as permitted in Section 4,the fee shall be <br /> returned to the feepayer. <br /> F. ANNUAL REPORT <br /> A report shall be made to the Board of County Commissioners each year showing where public <br /> school impact fees have been collected, what projects have been constructed with such fees, and what <br /> reimbursements have been made. The report shall also include an evaluation of this ordinance, including <br /> its effectiveness and enforcement, and the methods and data used to calculate the Schedule of Public <br /> `Amended April 3, 1995. <br /> Impact Fee Ordinance 4 <br />