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12 <br /> and/or by interlocal agreement between Orange County and a municipality located therein.All public school <br /> impact fees shall be properly identified by the appropriate benefit area and transferred for deposit in the <br /> appropriate trust account. <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 Funds withdrawn from public school impact fee trust accounts shall be used solely in accordance 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; and/or infrastructure improvements. <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 five (5) 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 /> Annual Report 10 <br />