(A) The revenues from transportation development fees and accrued interest on such revenues shall be spent on qualifying road improvements.
(B) Qualifying road improvements include improvements to thoroughfares shown on the Planned Roadway Widths map of the Comprehensive Transportation Plan anywhere within the Town's corporate limits or extraterritorial jurisdiction.
(C) Transportation development fees may be used to finance direct project costs of qualifying road improvements, including:
(1) The acquisition cost of rights-of-way;
(2) The construction cost of improvements, and drainage improvements (excluding pedestrian facilities);
(3) Signalization and intersection improvements at major thoroughfare intersections; and
(4) The principal sum and interest and other financing costs on bonds, notes, or other obligations issued by or on behalf of the Town to finance qualifying road improvements.
(D) Transportation development fees shall not be used to pay for any of the following:
(1) Construction, acquisition, or expansion of public facilities other than road improvements;
(2) Repair, operation, or maintenance of existing or new road improvements.
(E) Up to thirty (30) percent of all transportation development fees collected shall be reserved for payment of eligible cash reimbursement to developers for qualifying road improvements established through an approved TDF agreement entered into prior to November 17, 2022.