§ 10-432. Annual indexing procedure.

(a)

The board shall adopt an annual educational system impact fee index ordinance at least ninety (90) days prior to October 1 of each year following the year this article becomes effective, unless a full review of this article and the impact fee study is completed pursuant to section 10-445 herein before October 1 of such year. Such ordinance shall be subject to the notice requirements of section 10-449 herein.

(b)

The annual educational system impact fee index ordinance shall set forth adjusted educational system impact fee rates for the educational system impact fee land use categories reflecting changes in the cost of impact fee components for the upcoming year as set forth below.

(c)

Educational system impact fee components pertaining to construction and equipment costs shall be adjusted by the percentage change from the previous fiscal year in the construction cost index published by the Engineering News Record , or a comparable index recommended by the impact fee coordinator.

(d)

Educational system impact fee components relating to land acquisition costs shall be adjusted by the percentage change for the previous fiscal year in the fair market value of land for real property owned by the county as determined by written appraisals of county-owned real property. Such appraisals shall be performed by an M.A.I. appraiser using generally accepted appraisal techniques.

(e)

Provided, however, that the adjustments described in subsections (c) and (d) above may be reduced or eliminated at the board's discretion.

(f)

The adjusted rates set forth in the annual educational system index ordinance shall take effect on October 1 of the year in which the annual educational system index ordinance is adopted subject to the notice provisions set forth in subsection (a) herein.

(Ord. No. 06-23, § 2.02, 7-18-06)