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were not collected within municipal jurisdictions, but there was no restriction on <br />the use of the funds collected elsewhere to ensurethat they would be spent to <br />benefit those in unincorporated areas who paid them.6'~ <br /> <br /> Accounting for and Expending the Fees <br /> <br /> Impact fees collected by a municipality in Orange County are remitted to <br />the county periodically along with a report indicating the amount of funds <br />collected and the benefit area for which they may be applied. Impact fees <br />collected by the county directly or received from the cities must be deposited in <br />separate school capital reserve funds for each benefit area (each school <br />administrative unit) in a manner consistent with the Local Government Budget <br />and Fiscal Control Act.ss Disbursal of such funds requires the approval of the <br />board of county commissioners. Impact fee proceeds earmarked for each <br />school unit are shown in each school unit's budget in its capital outlay fund and <br />may be earmarked further for the particular future capital projects that are <br />eligible to be funded with impact fees. Impact fees are a source of funds for <br />pay-as-you-go financing. They may also be used to retire debt incurred to <br />finance projects that otherwise would be eligible for impact fee funding, such as <br />the debt represented by general obligation school bonds or certificates of <br />participation, but only if the local act authorizing the use of impact fees so <br />provides,~ <br /> <br /> 64. Id. at 639. <br /> <br />65. See G.S. 159-18 through -22 (1987). <br /> <br />66. Orange County's enabling act does not expressly provide for the use of impact fees to retire <br />debt. Some of the local acts that authorize Nodh Carolina local governments to use i .mpact fees <br />for other types of public facilities expressly authorize the use of funds to retire debt for projects <br /> <br />56 <br /> <br /> <br />