(a) The Department of Finance must maintain and keep adequate financial records that:
(1) show the source and disbursement of all revenues under this Article;
(2) account for all funds received; and
(3) assure that the funds are used exclusively for the public school improvements listed in subsection (d).
(b) Interest earned on revenues under this Article must be used solely for public school improvements.
(c) The Department of Finance must annually issue a statement for this account.
(d) Revenues raised under this Article may be used to fund planning design, acquisition of land, site improvements, utility relocation, construction, and initial furniture and equipment for any:
(1) new public elementary or secondary school;
(2) addition to an existing public elementary or secondary school that adds one or more teaching stations; or
(3) modernization of an existing public elementary or secondary school to the extent that the modernization adds one or more teaching stations. (2003 L.M.C., ch. 26, § 1; 2016 L.M.C., ch. 7, § 2; 2016 L.M.C., ch. 36, § 1.)
Editor’s note—2018 L.M.C., ch. 18, § 1, states: Sec. 2. Effective date; Transition. This Act takes effect on March 1, 2017. The amendments to the development impact tax for transportation improvements and the development impact tax for public school improvements added by Section 1 of this Act, must apply to any application for a building permit filed on or after March 1, 2017. If a property owner is required to pay the development impact tax rates for transportation or public school improvements that take effect on March 1, 2017, the Director of Finance:
(a) must not require the payment of a transportation mitigation payment or a school facilities payment for the same development; and
(b) must refund the payment or give the property owner a credit against the development impact tax for transportation due for the development in the amount of any transportation mitigation payment made for the same development prior to March 1, 2017.
2018 L.M.C., ch. 18, § 2 states: Expedited Effective Date. .... This Act takes effect on the date on which it becomes law and must apply to any transportation mitigation payment made on or after November 29, 2016.
2016 L.M.C., ch. 36, § 2, states: Effective date; Transition. This Act takes effect on March 1, 2017. The amendments to the development impact tax for transportation improvements and the development impact tax for public school improvements added by Section 1 of this Act, must apply to any application for a building permit filed on or after March 1, 2017. Any property owner who is required to pay the development impact tax rates for transportation or public school improvements that take effect on March 1, 2017 must not be required to pay a transportation mitigation payment or a school facilities payment.