Transfer of improvement district funds

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.