Refund of fees paid
(A) Any funds not expended or encumbered by the end of the calendar quarter immediately following eight years, or 12 years if section 8(C) of this article applies, from the date the capital facilities impact fee was paid, shall be refunded to the current owner of record for the assessor's plat and lot for which the fee was paid. The refund shall include interest on the original fee amount, equal only to the actual interest that the town treasurer may have accrued through an investment account or similar interest bearing account.
(B) The town shall notify the said current owner of record by certified letter, return receipt requested, that a refund of impact fees is due for the reasons provided in section 11(A). Said current owner of record may respond and submit an application for a refund to the building official within one year from the date of receipt of the town's notice. Failure to respond within the specified time period shall indicate a waiver for such refund.
(C) If the town council were to act to terminate any or all impact fee requirements, all unexpended or unencumbered funds shall be refunded as provided above. Upon the finding that any or all fee requirements are to be terminated, the Town shall place a notice of termination and availability of refunds in a newspaper of general circulation within the Town of Tiverton at least two (2) times. All funds available for refund shall be retained for a period of one year. At the end of one year, any remaining funds may be transferred to the general fund and used for any public purpose. The Town is released from this notice requirement if there are no unexpended or unencumbered balances within a fund or funds being terminated.
(Ord. of 11-13-07)