(a) By ordinance, the County Council of Harford County may impose a development impact fee not exceeding $10,000 on new construction or development.

(b) (1) The County Treasurer shall deposit the revenues from the development impact fee into a special fund.

(2) The revenues from the special fund may be used only for school:

(i) site acquisition;

(ii) construction;

(iii) renovation;

(iv) debt reduction; or

(v) capital expenses.

(c) A municipality in Harford County shall assist the county council in the collection of the development impact fee in the municipality by:

(1) collecting and remitting the fee to the county; or

(2) requiring the fee to be paid to the county in accordance with the county ordinance.

(d) If a development impact fee is enacted under this section, the county shall:

(1) prepare an annual report on the revenues generated by the development impact fee and how those revenues were spent; and

(2) on or before May 31 of each year, submit the report to the Harford County Delegation to the General Assembly.