Transfer of improvement district funds.

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The board may transfer to the general fund of the county any money obtained from the levy of an assessment for an improvement district if:

A. bonds or assignable certificates were issued to finance the improvement;

B. the proceeds of the bonds or assignable certificates were spent for the improvement;

C. the assessments were levied and collected for the payment of the bonds or assignable certificates; and

D. either the bondholders or assignable certificate holders are barred by the statute of limitations or a court judgment or decree from collecting the indebtedness; or

E. the bonded indebtedness or assignable certificates have been paid.

History: Laws 1980, ch. 91, § 28; 1991, ch. 199, § 50.

ANNOTATIONS

The 1991 amendment, effective April 4, 1991, substituted "proceeds of" for "funds obtained by" in Subsection B and made minor stylistic changes.


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