The governing body may transfer to the general fund of the municipality 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: 1953 Comp., § 14-32-25, enacted by Laws 1965, ch. 300; 1991, ch. 199, § 22.
ANNOTATIONS
The 1991 amendment, effective April 4, 1991, deleted “and” at the end of Subsections A and B and substituted “proceeds of” for “funds obtained by” in Subsection B.