A. There is established in the office of the county treasurer a special fund known as the school residential construction tax fund.
B. The fund must be divided into separate accounts for each attendance area affected.
C. All taxes collected pursuant to this chapter must be placed in the fund for credit to the account within the fund for the attendance area from which the tax was collected.
D. All interest derived from money in the fund accrues to the fund and must be credited to the account from which the interest was derived.
E. The school superintendent and the county treasurer shall establish a record keeping system for each account which will reflect the taxes collected for each attendance area from which money was collected.
F. Money within the fund must be used only to construct, remodel, and/or make additions to school buildings to accommodate incoming students as a result of increased development within the attendance area. (Ord. 2006-06, 10-16-2006)