A. Interest: Interest earned on monies in any impact fee fund shall be considered part of such fund, and shall be subject to the same restrictions on use applicable to the impact fees deposited in such fund.
B. Use Of Funds: No monies from any impact fee fund shall be spent for periodic or routine maintenance of any facility of any type or to cure deficiencies in public facilities existing on the effective date of this chapter.
C. Improvements: Nothing in this chapter shall restrict the town from requiring an applicant to construct reasonable project improvements required to serve the applicant's project, whether or not such improvements are of a type for which credit is available under this chapter.
D. Records: The town shall maintain accurate records of the impact fees paid, including the name of the person paying such fees, the project for which the fees were paid, the date of the payment of each fee, the amounts received in payment for each fee, and any other matters that the town deems appropriate or necessary to the accurate accounting of such fees.
E. Procedure For Administration: At least once during each fiscal year of the town, the town clerk shall compile a proposed capital improvements program of the town's public facilities and such capital improvements program shall assign monies from each impact fee fund to specific projects and related expenses for improvements to the type of facilities or services for which the fees in that fund were paid. Any monies, including any accrued interest, not assigned to specific projects within such capital improvements program and not expended for refunds or credits as provided for herein shall be retained in the same impact fee fund until the next fiscal year. The impact fee capital improvements program shall be adopted by the town council as a supplemental document to the town budget. The impact fee capital improvements program shall anticipate project expenditures and fund revenues for a five (5) year period. The individual fee funds shall maintain a positive fiscal balance. The program may be amended by a majority vote of the town council. The town may further adopt and revise, as needed, an administrative impact fee manual to carry out the purposes of this chapter.
F. Payment For Expenses: The town shall be entitled to retain the maximum amount allowed by law as a percentage of the impact fees collected for the expenses of collecting the fee and administering this chapter. In the case of refunds of impact fees, the town shall be entitled to retain the costs of returning the fee and any administrative fees that were paid.
G. Recalculation Of Fee: If an impact fee has been calculated and paid based on a mistake or misrepresentation, it shall be recalculated. Any amounts overpaid by an applicant shall be refunded by the town to the applicant within thirty (30) days after the town's acceptance of the recalculated amount. No interest shall be due or paid on any refunded amounts. Any amounts underpaid by the applicant shall be paid to the town within thirty (30) days after the town's acceptance of the recalculated amount. In the event the underpayment is caused by an error attributed solely to the town, the applicant shall pay the recalculated amount without interest. In the case of an underpayment to the town, the town shall not issue any additional permits or approvals for the project for which the impact fee was previously paid until such underpayment is corrected, and if amounts are owed, the town may also repeal any permits issued in reliance on the previous payment of such impact fee and refund such fee to the then current owner of the land. (Ord. 06-010, 2-13-2007)