(A) There is hereby established a separate capital facilities impact fee proprietary fund to be administered by the town treasurer, pursuant RIGL section 45-22.4-5(a)(1). All funds collected shall be properly identified and promptly deposited in this special proprietary fund, which shall be invested in government insured or government backed instruments only with all interest accruing to the proprietary fund and used solely for the purposes specified in this article.
(B) Within eight years of the date of collection, impact fees shall be expended or encumbered for the construction of public facilities capital improvements of reasonable benefit to the development paying the fees and that are consistent with the capital improvement program. The construction, expansion or renovation of new school facilities anywhere in the town or in any regional school district shall be deemed to be such reasonable benefit.
(C) Where the expenditure or encumbrance of fees is not feasible within eight years, the town may retain impact fees for a longer period of time if there are compelling reasons for the longer period. In no case shall impact fees be retained longer than 12 years.
(D) Funds withdrawn from this account must be used in accordance with the provisions of section 9 of this article.

(Ord. of 11-13-07)

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