§ 16-68. Use of funds.

(a)

The school impact fees deposited in the trust fund established under subsection (c) of section 16-67 and the investment earnings accruing thereon shall be used by the school board solely for the purpose of providing capital improvements to the public educational system necessitated by new residential development, and shall not be used for any expenditure that would be classified as a maintenance or repair expense. The authorized uses include but are not limited to:

(1)

Land acquisition, including any cost of acquisition;

(2)

Fees for professional services, including, but not limited to, architectural, engineering, surveying, landscaping, soils and material testing, legal, appraisals, and construction management;

(3)

Design and construction documents;

(4)

Site development and on-site and off-site improvements incidental to facilities construction;

(5)

Any permitting or application fees necessary for construction;

(6)

Design and construction of educational plants and ancillary plants;

(7)

Design and construction of drainage facilities required by the construction of educational plants and ancillary plants or improvements thereto;

(8)

Relocating utilities required by the construction of educational plants and ancillary plants or improvements or additions thereto;

(9)

Acquisition of furniture and equipment necessary to accommodate students, faculty, administrators, staff and the activities of the educational programs and services at educational plants which is necessitated by new residential development;

(10)

Repayment of monies borrowed from any budgetary fund of the county or the school board which were used to fund capital improvements and additions to the educational plants or ancillary plants as provided herein made subsequent to May 1, 2003, and necessitated by new residential development; and

(11)

Payment of principal and interest, necessary reserves and costs of issuance under any bonds or other indebtedness issued by the school board to fund capital improvements and additions to the educational plants or ancillary plants and additions to the public educational system made subsequent to May 1, 2003, and necessitated by new residential development.

(b)

Any monies on deposit in the trust fund established under subsection (c) of section 16-67 which are not immediately necessary for expenditure shall be invested by the school board, and all income derived from such investments shall be deposited in said trust fund for reinvestment or use as provided herein.

(c)

Funds advanced by the feepayer for school construction and paid in excess of that required by this article may be reimbursed by the school board to the feepayer from school impact fees later collected by the county. The funds advanced shall be used by the school board to the fund the costs of capital improvements for the public educational system needed to serve new residential development.

(d)

The board of county commissioners, each municipality and the school board shall enter into an interlocal agreement or agreements that provide for the periodic transfer of school impact fees from the collecting entity to the school board.

(Ord. No. 2003-30, § 1, 3-25-03)