By ordinance, the County Council of Harford County may impose a development impact fee not exceeding $10,000 on new construction or development. The County Treasurer shall deposit the revenues from the development impact fee into a special fund. The revenues from the special fund may be used only for school: site acquisition; construction; renovation; debt reduction; or capital expenses. A municipality in Harford County shall assist the county council in the collection of the development impact fee in the municipality by: collecting and remitting the fee to the county; or requiring the fee to be paid to the county in accordance with the county ordinance. If a development impact fee is enacted under this section, the county shall: prepare an annual report on the revenues generated by the development impact fee and how those revenues were spent; and on or before May 31 of each year, submit the report to the Harford County Delegation to the General Assembly.