(A) The Board of Trustees of the Village of Mahomet shall have the sole authority to authorize the use and expenditure of funds collected via the payment in lieu of construction program. Fees collected shall be utilized for the design and construction of capital improvements to public infrastructure intended to extend service to existing rural residential subdivisions or to upgrade existing rural facilities to suitable urban standards within newly developing areas and existing rural subdivisions.
(B) Funds collected via payments in lieu of construction shall only be utilized in the following manner:
(1) Upgrade of existing infrastructure that does not meet current village requirements for urban uses.
(2) Extension of public infrastructure to unserved lands as a part of extension of service to newly developed or developing areas.
(3) Extension of public infrastructure or upgrade of existing infrastructure intended to serve tracts of land in a subdivision for which a payment in lieu of infrastructure construction was previously made.
(C) Funds shall only be utilized to upgrade or extend public infrastructure to tracts of land that have been annexed to the village within the previous five years (at the time of the expenditure of funds); tracts of land for which an annexation agreement or other suitable provisions for future annexation has been made; or to tracts of land that have previously made a payment in lieu of construction for public infrastructure. Funds obtained from payments in lieu of construction shall not be utilized for the upgrade, repair, or maintenance of existing village infrastructure unless meeting the criteria in this paragraph.
(D) Annually the Village Treasurer shall prepare a report to the Board of Trustees which outlines the source and amount of all monies collected, earned, or received and the amount of funds expended upon projects, financed in whole or in part by the funds.
(Ord. 18-01-01, passed 1-23-2018)