A. The order, ordinance or resolution imposing an impact fee shall provide that all money collected through the adoption of an impact fee shall be maintained in separate interest-bearing accounts clearly identifying the payor and the category of capital improvements or facility expansions within the service area for which the fee was adopted.
B. Interest earned on impact fees shall become part of the account on which it is earned and shall be subject to all restrictions placed on the use of impact fees under the Development Fees Act.
C. Money from impact fees may be spent only for the purposes for which the impact fee was imposed as shown by the capital improvements plan and as authorized by the Development Fees Act.
D. The records of the accounts into which impact fees are deposited shall be open for public inspection and copying during ordinary business hours of the municipality or county.
E. As part of its annual audit process, a municipality or county shall prepare an annual report describing the amount of any impact fees collected, encumbered and used during the preceding year by category of capital improvement and service area identified as provided in Subsection A of this section.
History: Laws 1993, ch. 122, ยง 16.
Structure 2021 New Mexico Statutes
Chapter 5 - Municipalities and Counties
Article 8 - Land Development Fees and Rights
Section 5-8-3 - Authorization of fee.
Section 5-8-4 - Items payable by fee.
Section 5-8-5 - Items not payable by fee.
Section 5-8-6 - Capital improvements plan.
Section 5-8-7 - Maximum fee per service unit.
Section 5-8-8 - Time for assessment and collection of fee.
Section 5-8-9 - Additional fee prohibited; exception.
Section 5-8-10 - Agreement with owner regarding payment.
Section 5-8-11 - Collection of fees if services not available.
Section 5-8-12 - Entitlement to services.
Section 5-8-14 - Requirement for governmental entities to pay fees.
Section 5-8-15 - Credits against facilities fees.
Section 5-8-16 - Accounting for fees and interest.
Section 5-8-18 - Compliance with procedures required.
Section 5-8-19 - Hearing on land use assumptions.
Section 5-8-20 - Information about assumptions available to public.
Section 5-8-21 - Notice of hearing on land use assumptions.
Section 5-8-22 - System-wide land use assumptions.
Section 5-8-23 - Capital improvements plan required after approval of land use assumptions.
Section 5-8-24 - Hearing on capital improvements plan and impact fee.
Section 5-8-25 - Information about plan available to public.
Section 5-8-26 - Notice of hearing on capital improvements plan and impact fee.
Section 5-8-27 - Advisory committee comments on capital improvements plan and impact fees.
Section 5-8-28 - Approval of capital improvements plan and impact fee required.
Section 5-8-29 - Consolidation of land use assumptions and capital improvements plan.
Section 5-8-30 - Periodic update of land use assumptions and capital improvements plan required.
Section 5-8-31 - Hearing on updated land use assumptions and capital improvements plan.
Section 5-8-34 - Advisory committee comments on amendments.
Section 5-8-35 - Approval of amendments required.
Section 5-8-37 - Advisory committee.
Section 5-8-38 - Duties to be performed within time limits.
Section 5-8-39 - Records of hearings.
Section 5-8-40 - Prior impact fees replaced by fees under Development Fees Act.
Section 5-8-41 - No effect on taxes or other charges.