§ 33K-11. Use of funds.
(a)
Any educational facilities impact fees collected under this chapter are expressly designated and earmarked for the accommodation of capital educational facility impacts reasonably attributable to new residential development as hereinafter provided in this section.
(b)
Miami-Dade County and the School Board shall enter into an Interlocal Agreement which provides for the periodic transfer of educational facilities impact fees from the County Planning and Zoning Director to the School Board. The Interlocal Agreement shall be adopted prior to the effective date of this chapter. The Interlocal Agreement shall authorize Miami-Dade County to perform an annual administrative audit of the School Board's use of impact fee funds, including an economic evaluation of the use of such funds. The Interlocal Agreement shall also provide that Miami-Dade County at its option may request assistance of the State Auditor General. Miami-Dade County under the Interlocal Agreement shall have the authority to withhold transfer of impact fees should the School Board refuse to submit to an audit as provided herein. The School Board shall spend these educational facility impact fees solely for capital educational facilities necessitated by new residential development consistent with the provisions of this chapter and as permitted by State Law. The Interlocal Agreement shall provide for a maintenance of effort with [respect] to existing capital expenditures by the School Board and not reduce its funding efforts by substituting funds derived from impact fees. These funds may be used to provide refunds pursuant to Section 33K-13. If the School Board fails to encumber these impact fees for the specified purposes within six (6) years of their payout, they shall be returned to the County Planning and Zoning Director for redeposit in the appropriate impact fee trust accounts, and refunded pursuant to Section 33K-13.
(c)
Impact fee funds from each trust account shall be spent within the benefit district from which the new residential development for which the fees are paid are located. The impact fee funds shall be spent in accordance with Section 33K-12 of this chapter.
(d)
Trust account funds shall be deemed to be spent or encumbered for expenditure on the assumption that the first money placed in the appropriate trust funds shall be the first money taken out when withdrawals are made.
(e)
Monies, including any accrued interest, not encumbered in any fiscal period shall be retained in the appropriate trust account until the next fiscal period except as provided by the refund provisions of this chapter.
(f)
A financial and management report on the impact fee trust accounts shall be prepared annually by the County Planning and Zoning Director in conjunction with the School Board and submitted to the County Mayor within one hundred twenty (120) days following the end of the County's fiscal year.
(Ord. No. 95-79, § 2(11), 5-2-95; Ord. No. 95-215, § 1, 12-5-95; Ord. No. 98-125, § 31, 9-3-98; Ord. No. 15-144, § 5, 12-1-15)