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DRAFT 5 -14 -92 /REVISED 5 -21 -92 <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 six <br />(6) years, the time frame coinciding with the capital <br />improvements program period identified in the Capital <br />Improvements Plan updated annually by Orange County. <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 5.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 />F. ANNUAL REPORT <br />A report shall be made to the Board of County Commissioners each <br />year showing where public school impact fees have been collected, what <br />projects have been constructed with such fees, and what reimbursements <br />have been made. The report shall also include an evaluation of this <br />ordinance, including its effectiveness and enforcement, and the methods <br />and data used to calculate the Schedule of Public School Impact Fees <br />contained in Section 3. <br />The Board of County Commissioners shall review the report to <br />determine if, within each benefit area, all areas of new construction <br />are being benefitted by the fees. If the Board of County Commissioners <br />