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adopted in June 1993,·does not reflect these revenue projections. Instead, $1.6 <br />million was reserved from pay-as-you-go allocations for two chapel Hill- <br />Carrboro elementary schools and $1.4 million for the financing of an Orange <br />County elementary school.~4 <br /> <br /> Plans for financing the new Chapel HiII-Carrboro elementary school to <br />open in the fall of 1996 were approved recently by the Orange County Board of' <br />Commissioners.~s On January 18, 1994, the board approved a plan to raise <br />$10 million through the sale of certificates of participation. These securities will <br />consist of portions in relatively small denominations (e.g., $5,000) of the -- <br />creditor's right to receive installment payments under an installment purchase <br />contract for the construction of the school. The county plans to use impact fee <br />revenues to retire this debtJ6 <br /> <br /> Impact Fees as Land Development Exactions <br /> <br /> Valid impact fees, whether used to finance s.chools, Parks, roads', or <br />drainage facilities, are a form of development exaction, incident to the power of <br />local governments to regulate the development of land. An exaction is a <br />condition of development permission that requires a public facility or <br /> <br />became effective, a pause in the housing construction cycle in Orange County, or a tendency <br />the fee to discourage residential growth. <br /> <br /> 14. Orange County Capital Improvements Plan 1993-98, p. 6. <br /> <br /> is. Lee Weisbecker, 'Financing Plan OK'd," ChapelHillNews, Jan. 23, 1994, A3, col. 1. <br /> <br />~6. Annual payments are expected to amount to about $1.05 million, which the school system <br />would pay out of its capital improvements budget and the system's share of the impact fee <br />revenues. See Easterly, 'Fees Have bow Impact lo This Poinl," supra note 13.See also text <br /> <br />accompanying note 13. <br /> 35 <br /> <br />30 <br /> <br /> <br />