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!~ <br />4. No funds shalt be used for public school operating expenses, periodic or <br />routine maintenance, or the administration of this public school impact fee <br />program. <br />5. Following their collection, funds shall be expended within ten {10) years, <br />the time frame coinciding with the public school facilities capital <br />improvements program {CIP} school impact fee period. <br />The disbursal ofi public school impact fee funds shall require the approval of the <br />Board of County 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 <br />expenditure shall be invested as allowed in N.C. Genera! Statute 159-30 for other public <br />moneys. All income derived shall be deposited fi 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 <br />be returned to the feepayer, or the [and owner if the address of the feepayer provided to <br />Orange County is not cun'ent, with interest at a. rate not to exceed that being -paid on <br />public school impact fees deposited in accordance with Section 5.D. <br />if the Schedule of Public School Impact Fees as contained in Section 3 is <br />reduced, the difference between the old and new fees shalt be retumed to the feepayer, <br />or the Land ,owner if the' address of the feepayer provided to Orange County is not <br />current, with interest at a rate not to exceed that being paid on public school impact <br />fees deposited in accordance with Section S.D. if the Schedule of Public School Impact <br />Fees as contained in Section 3 is increased, no additional fees shalt be collected from <br />new construction for which certificates of occupancy have been issued. <br />Where an impact fee has been collected erroneously, or where an impact fee <br />has been paid, and the feepayer subsequently files for and is granted an exception as <br />permitted in Section 4, the fee shalt be retumed to the feepayer. <br />s Amended April 3, 1995. <br />Impact Fee Ordinance 6 <br />