11-2-2: CASH CONTRIBUTION TO SCHOOL DISTRICTS:
   (A)   In addition to the land donation referred to in section 11-2-1 of this chapter, or a cash contribution in lieu of land referred to in section 11-5-5 of this title, each subdivider or developer shall be required to make a cash contribution to aid in the provision of necessary funds for the construction, expansion or rehabilitation of a school for the use of the children who will be generated by the proposed subdivision or planned unit development, or for other improvements to the extent required in whole or part by the existence of a school.
   (B)   The amount of the cash donation shall be determined by multiplying the estimated number of children in the K-12 school age bracket that will be generated by the proposed subdivision or planned unit development times one thousand dollars ($1,000.00) per child as shown in section 11-1-9, "Exhibit C, For School Construction Calculations", of this title. The contribution required for school construction shall be regularly updated, pursuant to section 11-5-6 of this title. Funds contributed by a developer pursuant to this section shall be deposited with the village treasurer to be held in a special fund which shall not be used for any purpose other than for payment of the cost of school construction, expansion or rehabilitation or for other improvements to the extent required in whole or in part by the existence of a school. Any interest which accrues shall also be used for the purposes set forth in this section. Any cash donated to the village for school construction or expansion purposes pursuant to this section which has not been expended for those purposes within twenty (20) years shall be refunded to the developer.
   (C)   This cash contribution is a requirement of the village subdivision code. However, in order not to make this requirement over onerous and to assist developers in meeting this financial responsibility, the cash contributions required in this section shall, unless specifically provided otherwise, be payable upon the issuance of the building permit for each dwelling unit. (Ord. 04-32, 1-24-2005)