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Commissioner Davis wanted to know if the principal and interest on a particular impact <br />fee account was going to be zeroed out on a quarterly or annual basis. <br />Attorney Polackwich suggested treating the accumulated interest at the end of the fiscal <br />year as a single deposit into that same impact fee account for the following fiscal year. <br />Director Brown voiced support for Attorney Polackwich's suggestion. <br />ON MOTION by Vice Chairman O'Bryan, SECONDED <br />by Chairman Wheeler, the Board unanimously approved <br />for the County to handle the accumulated interest earned <br />in an impact fee account during the fiscal year to be <br />treated as a single deposit into that same account on the <br />first day of the next fiscal year, to be encumbered or spent <br />on a first in — first out basis, along with the impact fees. <br />The Chairman called a recess at 12:17 p.m. and reconvened the meeting at 12:25 p.m., <br />with all members present. <br />Attorney Polackwich reminded Board members that a decision was still pending <br />regarding the distribution of interest that would accompany the impact fee refunds. <br />Vice Chairman O'Bryan stated that he would provide a second to Commissioner Solari's <br />original Motion. <br />MOTION WAS MADE by Commissioner Solari, <br />SECONDED by Vice Chairman O'Bryan, for the County <br />to disburse the impact fee refunds with interest earned at <br />the same rate as the County on the funds. <br />February 21, 2012 22 <br />