§ 154.11 LIMITATION OF EXPENDITURES OF FUNDS COLLECTED.
   (A)   Eligible system improvement costs. Funds from development impact fee trust accounts shall be expended only for the public facilities and system improvements identified as eligible for impact fee funding in the Town of Mount Pleasant's most recent adopted Capital Improvements Plan, incorporated herein by reference. No funds shall be used for administrative or operating costs associated with imposing any of the development impact fees. Eligible components of a public facility may include, but are not limited to, the following:
      (1)   Design and construction plan preparation;
      (2)   Right-of-way acquisition;
      (3)   Construction of new facilities, structures, or amenities that provide additional capacity;
      (4)   Purchase of new equipment (>$100,000 purchase price) that provide additional capacity;
      (5)   Construction of new through lanes and/or turn lanes;
      (6)   Construction of new bridges;
      (7)   Construction of new drainage facilities associated with capital improvements;
      (8)   Purchase and installation of traffic signalization;
      (9)   Construction of new curbs, medians, and shoulders;
      (10)   Relocating utilities to accommodate new road construction; and
      (11)   Principal payments, interest and other finance charges on bonds or other indebtedness issued by or on behalf of the town for financing any or all public facilities.
   (B)   Rationale nexus test. The Town's Chief Financial Officer, or its designee, shall make an annual report to the Town Council and publish this report for access by the general citizenry showing where development impact fees have been collected and what projects have been funded with these revenues. The Council shall consider this report and whether the fees are being spent for the benefit of new development within town limits. If the Council determines that this is not the case, then it shall adjust the Town of Mount Pleasant Capital Improvements Plan and other projected capital expenditures to correct the condition.
   (C)   Expenditure of funds. Development impact fee funds shall be expended in the order in which they were collected. The disbursal of such funds shall require approval of the Town Council, upon recommendation of the Town Administrator or its designee.
   (D)   Reimbursement. Impact fee funds not obligated for expenditure within three years of the date that they are scheduled to be expended in the Town of Mount Pleasant Capital Improvements Plan shall be returned, with actual interest earned, to the record owner of the property for which the fees were collected, on a first-in, first-out basis.
(Ord. 17009, passed 4-3-17; Am. Ord. 18068, passed 10-9-18)