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(2) Funds shall be used exclusively for capital improvements within Indian River County. Funds shall be expended in the order in which they are collected. (3) In addition to the impact fees assessed by this title, the feepayer shall pay an administrative charge equal to three percent (3%) of the impact fees assessed by the County or by the participating municipality in order to off -set the cost of administering the impact fee program. (4) Each participating municipality shall be entitled to retain two percent (2%) of the funds collected under this title to compensate them for the administrative expense of administering this title. Section 1000.12. Donations in lieu of payment. (1) In lieu of a feepayer paying all or part of the impact fees assessed in this Title, the county administrator may accept an offer by a feepayer to donate land or construct all or part of a capital improvements project shown in the adopted County's Seven Year Capital Improvements Program, the Municipal Planning Organization's 20 year transportation plan, the School Board's educational facilities plan or adopted municipal capital improvement program. This offer shall not include the construction of any site -related improvements. Such construction must comply with all applicable building standards and be approved in advance by the county administrator. In making such an offer, the feepayer shall submit a project description in sufficient detail, including competitive bids if so requested, to allow the county administrator to establish an engineering andconstruction cost estimate. The county administrator shall credit this estimated cost or the actual cost of this construction, whichever is lower, against the impact fees otherwise due. The offer shall not constitute payment of the impact fees unless and until it is accepted by the county administrator and the feepayer has dedicated or conveyed any and all land pursuant to the offer as accepted and has posted security, as provided in this section, for the construction of any and all other capital improvements pursuant to the offer as accepted. Security in the form of an irrevocable letter of credit or cash escrow agreement shall be posted with the board of county commissioners in an amount equal to 125 percent of the full cost of such construction. If the Capital Improvements Program construction project will not be constructed within one year of the acceptance of the offer by the county administrator, the amount of the security shall be increased by fifteen percent for each year or fraction thereof of the life of the security. The security shall be reviewed and approved by the county attorney's office prior to acceptance of the security by the county administrator. Section 1000.13. Review. (1) Each fiscal period, the county administrator shall present a proposed capital improvements program (CIP) to the board of county commissioners for: emergency services facilities, correctional facilities, public buildings, law enforcement facilities, library facilities, solid waste facilities, park and recreation facility, public education facilities and traffic facilities. This CIP shall assign funds, including any accrued interest, from the facilities impact fee trust funds to specific facility improvement projects and related expenses. Monies, including any accrued interest, not assigned in any fiscal year shall be retained in the same facility impact fee trust fund until the next fiscal year, except as provided by the refund provisions of this chapter. (2) The fee schedules contained in this title shall be reviewed by the board of county commissioners at least once every third year. 6