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Interlocal Agreement Between the County and School Board Related to Impact Fees INDIAN RIVER COUNTY, FLORIDA SECTION 4. DEFINITIONS. For the purposes of this Agreement, the following terms are defined as indicated below: County Administrator means the Indian River County Administrator or the County Administrator's designee. Indian River County Impact Fee Ordinance means the Ordinance approved by the County Commission in May of 2005, including all amendments thereto subsequently adopted in the manner prescribed in this Agreement. Methodology Report means a report, and all amendments thereto, approved by the County Commission, prepared in support of the Public Education Facilities Impact Fees established and imposed by the Ordinance. Public Education Facilities means capacity -producing land, buildings, capital improvements, and equipment necessary for the School Board's provision of public educational services to new development. Public Education Facilities Impact Fee means an impact fee assessed by the County or an incorporated municipality pursuant to the Ordinance and transferred to the School Board to offset in part the costs of providing Public Education Facilities necessary to serve new development within the County and its municipalities. SECTION 5. RESPONSIBILITIES OF THE SCHOOL BOARD. (a) The School Board will establish a segregated, interest-bearing account, into which all Public Education Facilities Impact Fee funds transferred by the County, pursuant to this Agreement, will be maintained until such time as they are expended on Public Education Facilities consistent with the Ordinance and the terms of this Agreement. (b) The School Board will expend Public Education Facilities Impact Fee funds for the acquisition or expansion of only those Public Education Facilities that result in a substantial benefit to new development that has paid the Public Education Facilities Impact Fee as provided for in the Ordinance and by law. (c) The School Board will, upon request by the County, return all Public Education Facilities Impact Fee funds, including accrued interest, to the County that are not appropriated or expended within the timeframes set forth in the Ordinance. (d) The School Board will maintain complete and comprehensive records of all Public Education Facilities Impact Fee funds received from the County and the Public Education Facilities on which the School Board expends the funds. (e) The School Board will, by October 1st of each year, present to the County Administrator the most recently adopted five-year facility plan, which will indicate the specific Public Education Facilities on which the School Board proposes to expend Public Education Facilities Impact Fee funds, in full or in part, over the subsequent five year period, beginning on the first day of the coming fiscal year. With respect to each proposed Public Education Facility, the School Board will specify in the five-year facility plan or in attached documentation: Page 3 of 8 244