§ 23-71. Use of funds.

(a)

The funds collected by the county and municipalities located therein shall be remitted at least monthly to the school board of the county. The collecting governmental unit shall be entitled to retain up to, but not more than, three (3) percent of the funds collected to compensate them for the administrative expense of collecting and administering the educational facilities impact fee ordinance.

(b)

The remaining funds collected and transmitted to the school board of the county shall be spent solely for capital costs of educational facilities.

(c)

The board of county commissioners of the county and the county school board will enter into appropriate interlocal agreements to ensure proper use of the funds collected pursuant to this division.

(Ord. No. 86-26, § 8, 10-28-86; Ord. No. 93-7, § 8, 3-25-93; Ord. No. 96-15, § 8, 7-16-96; Ord. No. 97-15, § 8, 7-7-97; Ord. No. 01-16, § 8, 10-23-01)