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1 Funds shall be used for capital costs associated with the construction of new public school <br /> ( ) p p <br /> space, including new buildings or additions to existing buildings or otherwise converting existing <br /> buildings into new public school space where the expansion is related to new residential growth. <br /> Such capital costs include actual building construction; design, engineering, and/or legal fees; <br /> land acquisition and site development; equipment and furnishings; infrastructure improvements, <br /> and/or debt service payments and payments under leases through which to finance such costs. <br /> (2) Funds shall be used exclusively for capital improvements within the benefit area from which the <br /> funds were collected. <br /> (3) Funds may be used for providing reimbursements as permitted in subsection (e) of this Section. <br /> (4) No funds shall be used for public school operating expenses, periodic or routine maintenance, <br /> 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 impact fee <br /> 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. 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. All <br /> income derived shall be deposited in the applicable trust fund. <br /> (e) Reimbursement of fees. <br /> (1) Any funds not expended within the time frame established in subsection (c)(5) of this Section. <br /> shall be returned to the feepayer, or the land owner if the address of the feepayer provided to <br /> Orange County is not current, with interest at a rate not to exceed that being paid on public <br /> school impact fees deposited in accordance with subsection (d) of this Section. <br /> (2) If the Schedule of Public School Impact Fees as contained in Section 30-33 is reduced due to <br /> an updated school impact fee study that results in changes to impact fee levels charged, no <br /> refund of previously paid fees shall be made. If the Schedule of Public School Impact Fees as <br /> contained in Section 30-33 is reduced due to reasons other than an updated school impact fee <br /> study, the difference between the old and new fees shall be returned to the feepayer, or the <br /> land owner if the address of the feepayer provided to Orange County is not current, with interest <br /> at a rate not to exceed that being paid on public school impact fees deposited in accordance <br /> with subsection (d) of this Section. If the Schedule of Public School Impact Fees as contained in <br /> Section 30-33 is increased, no additional fees shall be collected from new construction for which <br /> certificates of occupancy have been issued. <br /> (3) 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 30- <br /> 34, the fee shall be returned to the feepayer. <br /> (f) Annual report. A report shall be made to the Board of County Commissioners each year showing <br /> where public school impact fees have been collected, what projects have been constructed with such <br /> fees, and what reimbursements have been made. The report shall also include an evaluation of this <br /> Ordinance, including its effectiveness and enforcement, and the methods and data used to calculate <br /> the Schedule of Public School impact Fees contained in Section 30-33. <br /> The Board of County Commissioners shall review the report to determine if, within each benefit area, <br /> all areas of new construction are being benefited by the fees. If the Board of County Commissioners <br /> determines that areas of new construction are not being benefited, then it shall readjust the capital <br /> improvements program to correct this condition. If, after review of the methods and data used to calculate <br /> the Schedule of Public School Impact Fees, the Board of County Commissioners determines that <br /> adjustments are required in the Schedule, then it shall direct the County Manager and staff to prepare a <br /> report which outlines recommended changes for its consideration. <br /> Page 6 <br />