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(4) To levy and collect a tax on the impact of land <br /> development within the District; <br /> (5) And required to keep its accounts on the basis of a <br /> fiscal year commencing on the first day of July and en- <br /> ding on the thirtieth day of June of the following <br /> year. <br /> Section 3 . The Board of Commissioners of Orange County <br /> shall be the governing body of the District. <br /> Section 4. (a) Except as provided in subsection (b) , the <br /> governing body of the District may adopt an ordinance levying a <br /> tax on the impact of land development within the District <br /> (hereinafter referred to as an "impact tax" ) . Orange County <br /> shall, on behalf of the District, provide for the administration, <br /> enforcement and collection of the tax. <br /> (b) The District may not adopt an ordinance pursuant to <br /> this Part if any ordinance adopted pursuant to Section 2 of Chap- <br /> ter 357 of the 1985 Session Laws (Carrboro) , Section 1 of Chapter <br /> 936 of the 1985 Session Laws (Chapel Hill) , or Sections 17-18.1 <br /> of Chapter 460 of the 1987 Session Laws (Orange County) is in <br /> effect. <br /> Section 5. The purpose of the tax authorized by this Part <br /> is to generate funds to partially offset the cost of constructing <br /> new capital facilities or replacing, expanding or improving ex- <br /> isting capital facilities necessitated in part by new growth <br /> within Orange County. Accordingly, the net proceeds generated by <br /> the tax authorized by this Part and distributed pursuant to Sec- <br /> tion 8 to Orange County, Chapel Hill, and Carrboro, respectively, <br /> shall be deposited by each local government in its capital <br /> 5 <br />