85-9-604. Collection and investment of assessments. (1) The treasurer of each county in which the district is located shall collect special assessments at the same time and in the same way as county taxes.
(2) If the district is located in more than one county, all assessments collected must be deposited with the treasurer of the county in which the assessments were collected.
(3) The directors shall direct the county treasurer to invest any surplus district funds in saving or time deposits in a state or national bank, savings and loan association, or credit union insured by the federal deposit insurance corporation or the national credit union administration or to invest in direct obligations of the United States government payable within 180 days from the time of investment. All interest collected on the deposits or investments must be credited to the fund from which the money was withdrawn. However, 5% of the interest must be deposited in the general fund of the county.
History: En. Sec. 19, Ch. 100, L. 1969; R.C.M. 1947, 89-3419; amd. Sec. 17, Ch. 421, L. 1985; amd. Sec. 81, Ch. 10, L. 1993.