§ 250.285.

DISTRIBUTION OF SURPLUS

In the event of a surplus remaining in the redemption fund after payment of the entire principal and interest on all bonds issued under any plan mentioned herein, for retirement of which such fund shall have been established, such surplus shall, subject to any other special provision herein therefor, be applied first to repayment to the City of any balance due it for contributions and advances which it may have made to the redemption fund and of any special levies which it may have undertaken in aid thereof other than any regular annual assessments levied to retire any such bond, and of any monies due it for costs incurred or charges allowed, together with interest on such sums at the rate mentioned in such bonds. The excess, if any, shall be paid into the general fund of the City.

History

(Added by Ord. 225-81, App. 5/5/81)

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