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7 <br /> 1. Funds may be used for capital costs associated with the <br /> construction of new public schools, including actual building <br /> construction; design, engineering, and/or legal fees; land <br /> acquisition and site development; equipment and furnishings; <br /> and/or infrastructure improvements. <br /> 2 . Funds shall be used exclusively for capital improvements <br /> within the benefit area from which the funds were collected. <br /> 3 . Funds may be used for providing reimbursements as permitted in <br /> Section 5.E. <br /> 4. No funds shall be used for public school operating <br /> expenses, periodic or routine maintenance, or the <br /> administration of this public school impact fee program. <br /> 5. Following their collection, funds shall be expended within <br /> ten (10) years, the time frame coinciding with the public <br /> school facilities capital improvements program (CIP) school <br /> impact fee period. <br /> The disbursal of public school impact fee funds shall require the <br /> approval of the Board of County Commissioners upon recommendation of the <br /> County Manager. <br /> D. INTEREST ON FEES <br /> Any public school impact fee funds on deposit and not immediately <br /> necessary for expenditure shall be invested as allowed in N.C. General <br /> Statute 159-30 for other public monies. All income derived shall be <br /> deposited in the applicable trust fund. <br /> E. REIMBURSEMENT OF FEES <br /> Any funds not expended within the time frame established in Section <br /> 5.C.5. 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 <br /> interest at a rate not to exceed that being paid on public school impact <br /> fees deposited in accordance with Section S.D. <br /> If the Schedule of Public School Impact Fees as contained in <br /> Section 3 is reduced, the difference between the old and new fees shall <br /> 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 <br /> rate not to exceed that being paid on public school impact fees <br /> deposited in accordance with Section S.D. If the Schedule of Public <br /> School Impact Fees as contained in Section 3 is increased, no additional <br /> fees shall be collected from new construction for which certificates of <br /> occupancy have been issued. <br />