(a) All fees collected from impact fees shall be used solely for the purpose of providing and/or making capital improvements to park, school and library facilities under the jurisdiction of the town to meet the needs of new development.
(b) If bonds or similar debt instruments are issued for advanced provision of capital facilities for which impact fees may be expended, impact fees may be used to pay debt service on such bonds or similar debt instruments.
(c) At least once each fiscal period, the town manager shall present to the town council a proposed capital improvement program for park, school and library facilities assigning funds, including any accrued interest, to specific improvement projects and related expenses. Monies, including any accrued interest, not assigned in any fiscal period shall be retained in an impact fee fund until the next fiscal period, except as provided by section 21-509 pertaining to refunds.
(d) Funds may be used to provide refunds as described in section 21-509.

(Ord. No. 97-13, § 1, 8-18-1997)

← Previous § 21-507 Funds established Next → § 21-509 Refund of fees paid

These documents are unofficial copies provided for convenience. The official record of each municipality's ordinances and regulations is maintained by the municipality. Working drafts are not shown here.

All municipalities About this library Security & Trust

Rhode Island Municipal Code Library A product of MuniAnchor